The National Company Law Appellate Tribunal (NCLAT) set aside an order by the National Company Law Tribunal (NCLT) and directed the admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC), initiating Corporate Insolvency Resolution Process (CIRP) against Takshashila Heights India Private Limited (Corporate Debtor). Concurrently, the NCLAT rejected an intervention application filed by Elegna Co-operative Housing and Commercial Society Ltd. (Society), representing homebuyers, citing a lack of locus standi. Both the Corporate Debtor and the Society filed independent Civil Appeals before the Supreme Court, challenging the NCLAT's judgment.

The National Company Law Appellate Tribunal (NCLAT) set aside an order by the National Company Law Tribunal (NCLT) and directed the admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC), initiating Corporate Insolvency Resolution Process (CIRP) against Takshashila Heights India Private Limited (Corporate Debtor). Concurrently, the NCLAT rejected an intervention application filed by Elegna Co-operative Housing and Commercial Society Ltd. (Society), representing homebuyers, citing a lack of locus standi. Both the Corporate Debtor and the Society filed independent Civil Appeals before the Supreme Court, challenging the NCLAT's judgment.