Liquidation should be the last resort after proper evaluation & calibration

Lotus City Plot Buyers Welfare Association Vs Three C Homes Pvt. Ltd & Ors. (NCLAT Delhi) Conclusion: In present facts of the case, the Hon’ble Appellate Tribunal held that Liquidation is the last resort and this programme of homebuyers needs some calibration and proper evaluation. Held: In present facts of the case, the appeal have been filed u/s 61 of the ‘Insolvency and Bankruptcy Code, 2016’, wherein the ‘Adjudicating Authority’ has rejected the ‘Resolution Plan’ and has directed the ‘Resolution Professional’ to file appropriate application for seeking liquidation ord...