The case involves home buyers in a group housing project, Canary Greens, developed by Today Homes & Infrastructure Pvt. Ltd. The home buyers filed proceedings before the National Consumer Dispute Redressal Commission (NCDRC) seeking a refund of their money with interest after the developer abandoned the project. The NCDRC allowed their claim. Execution proceedings were initiated. The developer challenged the NCDRC order before the Delhi High Court, which stayed the order. The NCDRC passed further orders in the execution proceedings. The Supreme Court was approached through Special Leave Petitions. Subsequently, insolvency proceedings were initiated against the developer before the NCLT under Section 9 of the Insolvency and Bankruptcy Code (IBC) by an operational
…The petitioners are home buyers in the Canary Greens project developed by Today Homes & Infrastructure Pvt. Ltd. The developer abandoned the project, leading the home buyers to seek refunds with interest from the NCDRC. The NCDRC ruled in favor of the home buyers. Execution proceedings were initiated, but the developer challenged the NCDRC order in the Delhi High Court, which granted a stay. Subsequently, insolvency proceedings were initiated against the developer under Section 9 of the IBC, resulting in a moratorium under Section 14. A Resolution Plan, approved by the home buyers-led CoC, was submitted for approval to the Adjudicating Authority. The NCDRC had directed the Managing Director to be taken into custody and properties attached if the refund wasn't made,
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The case involves home buyers in a group housing project, Canary Greens, developed by Today Homes & Infrastructure Pvt. Ltd. The home buyers filed proceedings before the National Consumer Dispute Redressal Commission (NCDRC) seeking a refund of their money with interest after the developer abandoned the project. The NCDRC allowed their claim. Execution proceedings were initiated. The developer challenged the NCDRC order before the Delhi High Court, which stayed the order. The NCDRC passed further orders in the execution proceedings. The Supreme Court was approached through Special Leave Petitions. Subsequently, insolvency proceedings were initiated against the developer before the NCLT under Section 9 of the Insolvency and Bankruptcy Code (IBC) by an operational
…The petitioners are home buyers in the Canary Greens project developed by Today Homes & Infrastructure Pvt. Ltd. The developer abandoned the project, leading the home buyers to seek refunds with interest from the NCDRC. The NCDRC ruled in favor of the home buyers. Execution proceedings were initiated, but the developer challenged the NCDRC order in the Delhi High Court, which granted a stay. Subsequently, insolvency proceedings were initiated against the developer under Section 9 of the IBC, resulting in a moratorium under Section 14. A Resolution Plan, approved by the home buyers-led CoC, was submitted for approval to the Adjudicating Authority. The NCDRC had directed the Managing Director to be taken into custody and properties attached if the refund wasn't made,
…Expected posse…
NCDRC directed…