The case involves a civil appeal against an order by the National Company Law Appellate Tribunal (NCLAT), New Delhi, which upheld the admission of a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Jasmine Buildmart Pvt. Ltd. (Corporate Debtor). The appellant, a promoter/majority shareholder of the Corporate Debtor, challenged the NCLAT's order. The Corporate Debtor had initiated a housing project named Krrish Provence Estate but failed to complete it after eight years, leading home buyers to file a Section 7 application seeking initiation of CIRP. The NCLT admitted the application, which was challenged before the NCLAT, and subsequently before the Supreme Court.
Jasmine Buildmart Pvt. Ltd. (Corporate Debtor) launched a housing project, Krrish Provence Estate, in Gurgaon but failed to complete it within eight years. Aggrieved, some home buyers (respondents 1-3) filed a Section 7 application under the Insolvency and Bankruptcy Code (IBC) before the NCLT, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The NCLT admitted the application, leading to a challenge by the appellant (promoter/majority shareholder) before the NCLAT, which dismissed the appeal. The appellant then appealed to the Supreme Court. During the proceedings, the appellant deposited Rs. 3,36,02,000/- with the court registry. Subsequently, a majority of the home buyers (82 out of 128) settled the dispute with the Corporate Debtor, and the
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Home buyers filed Section 7 application before…
The NCLT/Adjudicating Authority admitted the…
The case involves a civil appeal against an order by the National Company Law Appellate Tribunal (NCLAT), New Delhi, which upheld the admission of a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Jasmine Buildmart Pvt. Ltd. (Corporate Debtor). The appellant, a promoter/majority shareholder of the Corporate Debtor, challenged the NCLAT's order. The Corporate Debtor had initiated a housing project named Krrish Provence Estate but failed to complete it after eight years, leading home buyers to file a Section 7 application seeking initiation of CIRP. The NCLT admitted the application, which was challenged before the NCLAT, and subsequently before the Supreme Court.
Jasmine Buildmart Pvt. Ltd. (Corporate Debtor) launched a housing project, Krrish Provence Estate, in Gurgaon but failed to complete it within eight years. Aggrieved, some home buyers (respondents 1-3) filed a Section 7 application under the Insolvency and Bankruptcy Code (IBC) before the NCLT, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The NCLT admitted the application, leading to a challenge by the appellant (promoter/majority shareholder) before the NCLAT, which dismissed the appeal. The appellant then appealed to the Supreme Court. During the proceedings, the appellant deposited Rs. 3,36,02,000/- with the court registry. Subsequently, a majority of the home buyers (82 out of 128) settled the dispute with the Corporate Debtor, and the
…Home buyers filed Section 7 application before…
The NCLT/Adjudicating Authority admitted the…