RERA Proceedings Not a Bar: CIRP Allowed Due to Persistent Default & Non-Completion of Project

Jacob P P Vs Alka Ventures Pvt Ltd (NCLT Kochi) Homebuyers in the SKYWINGS Township Project filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of Corporate Insolvency Resolution Process (CIRP), moratorium, and appointment of an Interim Resolution Professional (IRP) against the corporate debtor. The petitioners represented 98 allottees and claimed a default of ₹11,85,65,284. The SKYWINGS project was launched in 2007 with five residential towers and a commercial complex, with a promised completion date of September 2009. The original developer faile...