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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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