Homebuyer Cannot Retain Recovery Amount Due to Priority Rules Under IBC: NCLT Allahabad

Renaissance Realty Vs Resolution Professional of Corporate Debtor Jai Prakash Associates Limited (NCLT Allahabad) The present application was filed by the applicant under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 seeking directions against the Resolution Professional of the corporate debtor for handing over possession and execution of a sub-lease deed in respect of a residential unit in the project “Jaypee Greens Kalypso Court (Phase-II).” The applicant had booked the unit and paid a substantial amount. As per the provisional allotment letter dated 18.10.2012, possession wa...