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 due to the corporate debtor's alleged default. The case was heard by the National Company Law Tribunal (NCLT), Hyderabad Bench. The maintainability of the petition was questioned in light of the Supreme Court's judgment regarding homebuyers and the amendment to Section 7 of the IBC, which introduced a threshold for allottees to jointly file applications. There were numerous other applications filed by homebuyers against the same builder/developer pending consideration.

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 due to the corporate debtor's alleged default. The case was heard by the National Company Law Tribunal (NCLT), Hyderabad Bench. The maintainability of the petition was questioned in light of the Supreme Court's judgment regarding homebuyers and the amendment to Section 7 of the IBC, which introduced a threshold for allottees to jointly file applications. There were numerous other applications filed by homebuyers against the same builder/developer pending consideration.