Allowed
In the matter of Acme Realties Private Limited [C.P.(IB)-324(MB)-C-III-2023]
NCLTC.P.(IB)-324(MB)-C-III-2023
Case brief
AI extract
What is this about?
The Tribunal admitted a Section 7 petition filed by homebuyers against a real estate developer for default in handing over possession. It held that technical defects regarding prior service and filing of default records were cured and that the petition was maintainable despite Section 10A bars for some creditors, admitting the CIRP.
What did the court decide?
Initiation of Corporate Insolvency Resolution Process (CIRP) ordered against the Corporate Debtor and appointment of an Interim Resolution Professional.