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NCLAT Larger Bench Holds Shareholder/Promoter is an 'Aggrieved Person' Under Section 61 IBC and Has Locus to Challenge Section 7 Admission Order. The reference resolves conflicting views on maintainability of appeal by shareholder against admission of insolvency petition.

The National Company Law Appellate Tribunal (NCLAT) Chennai Bench, in a larger bench of three members, addressed a reference question: whether a share...

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Bombay High Court Dismisses Builder's Appeal in RERA Interest Case for Delayed Possession. Builder directed to pay interest at SBI MCLR plus 2% from 1 January 2018 till possession for delay in handing over flats in slum rehabilitation project.

The case involves a Second Appeal filed by Era Realtors Private Limited (Appellant) against the judgment of the Maharashtra Real Estate Appellate Trib...

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Supreme Court Dismisses Power Trust's Appeal Against CIRP Initiation for Appellant(s), Upholds NCLAT Order Admitting Section 7 IBC Application Due to Default and Non-Compliance with Restructuring Conditions

The Supreme Court dismissed an appeal challenging the initiation of corporate insolvency resolution process (CIRP) against Hiranmaye Energy Ltd. under...

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Bombay High Court Reconsiders Promoter's Right to Additional Construction Under MOFA After Supreme Court Remand. Dispute Centers on Whether Section 7A Overrides Flat Purchasers' Consent Requirement for Additional Wings in an Existing Scheme.

The Bombay High Court heard two first appeals remanded by the Supreme Court in a dispute between Madhuvihar Cooperative Housing Society (the society) ...

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Bombay High Court Dismisses Promoter's Appeal in RERA Case — Force Majeure Clause Cannot Override Statutory Right to Interest Under Section 18 of RERA Act. Promoter Liable to Pay Interest for Delayed Possession Even if Delay Due to Events Beyond Control.

The case involves an appeal filed by Sanvo Resorts Pvt. Ltd. & Ors. (the promoter/developer) under Section 58 of the Real Estate (Regulation and Devel...

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Madras High Court Allows Appeal in RERA Case for Delay in Possession — Promoter Liable for Interest Under Section 18 of RERA Act, 2016. The court restored the order of TN RERA directing the promoter to pay interest for delay in handing over possession of flat and club house facilities.

The appellant, a retired General Manager of Bharat Petroleum Corporation Limited, entered into a Memorandum of Agreement on 30.07.2011 with the respon...