Single Real Estate Allottee cannot Trigger Insolvency without Meeting Threshold Limit

Tek Chand Narula Vs Vatika Ltd. (NCLT Chandigarh)

In a recent ruling by the National Company Law Tribunal (NCLT) Chandigarh, Tek Chand Narula v. Vatika Ltd., the issue of whether a single real estate allottee can initiate insolvency proceedings without meeting the threshold limit has been decisively addressed. This case sets a significant precedent concerning the applicability of the Insolvency and Bankruptcy Code, 2016 (IBC) to individual allottees in real estate projects.

The crux of the

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