The appeals arose from two orders passed by the Adjudicating Authority (National Company Law Tribunal), Chandigarh. The Corporate Debtor, Vatika Ltd., was developing a project 'Aspirations' and had allotted plots to the appellants (homebuyers). Despite payments, the appellants could not take possession or obtain conveyance deeds due to the non-issuance of No Objection Certificates (NOCs) by IDBI Trusteeship Services Ltd., the Financial Creditor. IDBI filed a Section 7 application to initiate CIRP against Vatika Ltd. The appellants, in turn, filed an application under Section 65 of the I&B Code, alleging that IDBI's Section 7 application was fraudulent and malicious due to the non-issuance of NOCs, which they claimed induced default and prejudiced homebuyers.

The appeals arose from two orders passed by the Adjudicating Authority (National Company Law Tribunal), Chandigarh. The Corporate Debtor, Vatika Ltd., was developing a project 'Aspirations' and had allotted plots to the appellants (homebuyers). Despite payments, the appellants could not take possession or obtain conveyance deeds due to the non-issuance of No Objection Certificates (NOCs) by IDBI Trusteeship Services Ltd., the Financial Creditor. IDBI filed a Section 7 application to initiate CIRP against Vatika Ltd. The appellants, in turn, filed an application under Section 65 of the I&B Code, alleging that IDBI's Section 7 application was fraudulent and malicious due to the non-issuance of NOCs, which they claimed induced default and prejudiced homebuyers.