Advocate Sushila
SUPREME COURT HOLDS THAT HOME BUYERS CAN FILE INSOLVENCY PROCEEDINGS IF THEY CONSIST OF TEN PERCENT OF THE ALLOTTEES IN THE PROJECT
Advocate Sushila Ram 31 Jan 2021

SUPREME COURT HOLDS THAT HOME BUYERS CAN FILE INSOLVENCY PROCEEDINGS IF THEY CONSIST OF TEN PERCENT OF THE ALLOTTEES IN THE PROJECT

The Three Judge Bench of the Hon’ble #SupremeCourt of India comprising of Justices Rohinton Fali Nariman, Navin Sinha and K.M. Joseph passed a Judgment dated 19-01-2021 in the case of Manish Kumar v. Union of India and Another (Civil Original Jurisdiction Writ Petition(C) No.26 Of 2020) and held that in order to maintain an #Insolvency Petition in respect of a #realestate project, there should be at least one hundred real estate allottees or ten percent of the total number of allottees.


To read more, please visit the link below:


http://www.theindianlawyer.in/blog/2021/01/30/supreme-court-holds-that-home-buyers-can-file-insolvency-proceedings-if-they-consist-of-ten-percent-of-the-allottees-in-the-project/


#realestate #homebuyer #insolvency #allottees

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