Monetisation not permitted since building plan of project not revalidated: NCLAT

Anoop Kumar Srivastava Vs Neerav Bhatnagar & Ors. (NCLAT Delhi) NCLAT Delhi held that monetisation by sale of units is impermissible since building plan of the project has not been revalidated. Accordingly, permission for monetisation not granted due to absence of revalidation of the map. Facts- An application u/s. 7 of the Insolvency and Bankruptcy Code, 2016 was filed by R-1, authorised representative for class of creditors (homebuyers) against the corporate debtor M/s. Sequel Buildcon Private Limited. NCLT by an order dated 16.06.2023 admitted Section 7 application, which was filed by M...