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Insolvency and Bankruptcy

Jurisdiction - rights of Adjudicating Authority to hear...

Authority's Discretion Valid in Hearing Homebuyers' Objections Before Admitting Pre-Packaged Insolvency Process, No Prohibition Exists.

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Insolvency and BankruptcyDecember 22, 2021Case LawsAT

Jurisdiction - rights of Adjudicating Authority to hear Objectors/ Interveners, before admission of the Application - The Scheme under Chapter III-A and the Regulations 2021 do not contain any express provision either prohibiting the Adjudicating Authority from hearing any of the objectors or interveners prior to the admission of pre-packaged insolvency resolution process application or providing for giving notice or hearing to the interveners or objectors. The objectors who had filed applications were all Homebuyers who have purchased one or more units in the Real Estate Projects of the Appellant - No error has been committed by the Adjudicating Authority in giving opportunity to the objectors to file their objections - AT

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