Project wise CIRP of a real estate company not in purview of IBC 2016

N. Kumar Vs Tata Capital Housing Finance Ltd. (NCLT Chennai) The Dissenting Financial Creditor further submits that, as per Regulation 39 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, a prospective Resolution Applicant may submit Resolution Plan in accordance with the Code and Regulations. In such circumstances, the claim of the Resolution Professional that he will invite Expression of Interest project wise is not feasible as the same is against the provisions of the Code. Consequently, the same cannot be approved by the CoC. On a thorough reading of the IBC,...