CIRP Admission Mandatory on Default; Housing Societies Lack Locus to Intervene in Section 7 Proceedings: Supreme Court

The Supreme Court of India has upheld the initiation of the Corporate Insolvency Resolution Process (CIRP) against a real estate developer, ruling that the admission of a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) is mandatory once the existence of a financial debt and default is established. The Court further

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