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CIRP plea u/s 7 to be admitted when builder neither handed over possession of flat nor repaid amount to applicant

March 19, 2020[2020] 114 669 (NCLT- Chennai )

IBC : Where applicant paid certain amount as advance to respondent-builder for purchase of flat, in view of respondent's failure to complete housing project within specified time, and its failure to even refund amount received as advance, application filed under section 7 was to be admitted

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