Team Blitz India
NEW DELHI: The National Company Law Appelete Tribunal (NCLAT)has dismissed the plea filed by four unit buyers of Parsvnath Landmark Developers to initiate insolvency proceedings against the subsidiary of Parsvnath Developer.
The appellate tribunal upheld the orders of the Principal bench of the (NCLT), which on October 17, 2023, rejected their plea on technical grounds as the number of petitioners was only four, while the total number of allottees by Parsvnath Landmarkis 488.
The matter relates to La Tropicana Khyber Pass, a Delhi-based project of the realty firm.
Section 7(1) of the Insolvency and Bankruptcy Code (IBC) mandates a petition on behalf of the homebuyers (as financial creditors) is maintainable only if either 100 in number or 10 per cent of the allottees join the petition.
