The case pertains to the maintainability of a Company Petition (CP(IB) No.394/7/HDB/2020) filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by allottees/financial creditors against the Corporate Debtor, Emaar Hills Township Private Limited. The issue arises due to an amendment in the procedure for filing applications under Section 7 of the IBC, specifically concerning single allottees and the threshold requirements introduced by the third proviso to Section 7(1). The Adjudicating Authority is considering whether applications filed by single allottees before the amendment should be rejected or allowed to proceed jointly with other similar applications.
Mr. Srinivas Manthena and Mrs. Padmaja Manthena, residing in California, USA, filed a Company Petition (CP(IB) No.394/7/HDB/2020) under Section 7 of the IBC as financial creditors against Emaar Hills Township Private Limited, the corporate debtor. The petition was filed before an amendment to Section 7 of the IBC, which introduced a threshold requirement for allottees under a real estate project to file applications jointly. The Adjudicating Authority is considering the maintainability of the petition in light of this amendment and the judgment of the Hon'ble Supreme Court in Monish Kumar Vs Union of India, which addresses the retrospective application of the amendment. There are numerous home buyers who have filed applications under Section 7 of IBC, 2016 against the
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Section 7(1) of I&B Code, 2016 was amended,…
Date of the order where the court…
The case pertains to the maintainability of a Company Petition (CP(IB) No.394/7/HDB/2020) filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by allottees/financial creditors against the Corporate Debtor, Emaar Hills Township Private Limited. The issue arises due to an amendment in the procedure for filing applications under Section 7 of the IBC, specifically concerning single allottees and the threshold requirements introduced by the third proviso to Section 7(1). The Adjudicating Authority is considering whether applications filed by single allottees before the amendment should be rejected or allowed to proceed jointly with other similar applications.
Mr. Srinivas Manthena and Mrs. Padmaja Manthena, residing in California, USA, filed a Company Petition (CP(IB) No.394/7/HDB/2020) under Section 7 of the IBC as financial creditors against Emaar Hills Township Private Limited, the corporate debtor. The petition was filed before an amendment to Section 7 of the IBC, which introduced a threshold requirement for allottees under a real estate project to file applications jointly. The Adjudicating Authority is considering the maintainability of the petition in light of this amendment and the judgment of the Hon'ble Supreme Court in Monish Kumar Vs Union of India, which addresses the retrospective application of the amendment. There are numerous home buyers who have filed applications under Section 7 of IBC, 2016 against the
…Section 7(1) of I&B Code, 2016 was amended,…
Date of the order where the court…