Mangesh Reddy ( Pune )
17-Oct-2022 04:03 PM
Allottees under real estate project
Section 7 of IBC tells that allottees under real estate project can file case jointly by not less than 100 allottees or 10% of total number of allottees...so can we conclude that single allottee can not file case even if his default is more than 1 cr rupees
Yes, as per provisions of IBC, if the limit as mentioned in second proviso of section 7 is not fulfilled, a single allottee or group of allottees can not file an application for CIRP even if the default is more than 1 Cr rupees.
Answer given by Shubhamm Sir at 22-Oct-2022 07:52 PM