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Liquidation should be the last resort after proper evaluation & calibration
Case Law Details
- Case Name
- Lotus City Plot Buyers Welfare Association Vs Three C Homes Pvt. Ltd &
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 08/07/2021
- Courts
- NCLAT
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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 seekin...
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