CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates S.7 Application: NCLAT

The Supreme Court ruled that the NBCC will lead the completion of Supertech’s stalled projects to secure the rights of homebuyers. The case involved a dispute over Supertech’s unfinished real estate projects, which impacted homebuyers who had paid for properties that were never completed. The court’s ruling directs NBCC to take over and complete the projects, ensuring that homebuyers receive the properties they paid for. This ruling aims to protect the rights of consumers in the real estate sector and ensure that developers fulfill their obligations.