Supreme Court Allows Withdrawal of CIRP Proceedings in Insolvency Case Based on Settlement with Majority Home Buyers. Original applicants (home buyers) permitted to withdraw Section 7 application under Insolvency and Bankruptcy Code, 2016 as settlement reached with corporate debtor and majority home buyers, with corporate debtor undertaking to complete project within one year....
The dispute arose from a housing project in Gurgaon, where the corporate debtor, Jasmine Buildmart Pvt. Ltd., failed to complete the project within eight years. Three home buyers, as original applican...




