RERA Allottee Financial Creditors Must Meet Threshold for Section 7 IBC Application

Rita Malhotra Vs Orris Infrastructure Pvt. Ltd. (NCALT Delhi)  In a recent ruling, the National Company Law Appellate Tribunal (NCLAT) in Delhi addressed the critical issue of whether financial creditors, who are allottees under the Real Estate (Regulation and Development) Act (RERA), must meet specific threshold criteria to file a Section 7 application under the Insolvency and Bankruptcy Code (IBC). The case, Rita Malhotra Vs Bina Chopra, sheds light on the intricate interplay between RERA and IBC, and the conditions under which allottees can initiate corporate insolvency resolution proceedi...