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 matter revolved around the petitioner, who had purchased eight commercial units in a project by the respo...