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NCLAT upholds admission of petition u/s 7 on failure to give possession of allotted flats

January 19, 2021[2021] 123 62 (NCL-AT)

IBC : Where corporate debtor had committed default in not completing construction work of flat in time and failed to deliver possession on stipulated date as per agreement, NCLT had rightly admitted petition filed u/s. 7 by allottee/financial creditor

IBC : Where appellant/real estate developer had failed to prove that allottee was a speculative investor and was not genuinely interested in purchasing flat/apartment and had initiated proceeding under Code to pressurise corporate debtor, there was no justification to invoke section 65 against allottee

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