Initiation of CIRP - Petitioner are Homebuyers - In the instant ...

Insolvency and Bankruptcy

May 19, 2021

Initiation of CIRP - Petitioner are Homebuyers - In the instant case, the Petitioners have already obtained order from the relevant forum under the RERA Act and the same can be executed before relevant forum. A case under the Code, 2016 is not made out as the petition is clearly an attempt to substitute the recovery mechanism and amounts to forum shopping. Further, since the Petitioner does not meet the minimum threshold of 10% of Financial Creditors of the same class, the petition fails and deserves to be dismissed.- Tri

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Initiation of CIRP - Petitioner are Homebuyers - In the instant ...

Insolvency and Bankruptcy

May 19, 2021

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