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CIRP couldn’t be initiated against developers as it handover possession on proposed date: NCLAT

July 4, 2020[2020] 117 461 (NCL-AT)

IBC : Where real estate developer was to handover possession of apartment within 5 years from date of approval of building plan and fulfilment of pre-conditions imposed thereunder and last pre-condition i.e. fire safety scheme approval was granted on 27-11-2014, therefore, proposed date of handover of possession was 27-11-2019, however, before that, letter for handing over possession was issued to allottee, CIRP could not be initiated against developer

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