NCLAT upheld NCLT's rejection of insolvency plea by four unit buyers of Parsvnath Landmark Developers due to low petitioner numbers.
NCLAT dismissed a plea by four unit buyers of Parsvnath Landmark Developers to initiate insolvency proceedings against the realty firm, upholding the NCLT's rejection due to low petitioner numbers. The buyers sought insolvency after an RERA order demanding non-refund of ₹24.14 crore with 10% interest. The NCLAT cited a Supreme Court decision stating that allottees' status as 'financial creditors' does not change, preventing differentiation based on RERA orders.
April 11, 2024
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