Canopy Classic Home Buyers Appeal Reverse Insolvency Order

Authority: National Company Law Appellate Tribunal, Chennai Bench

Order Date: 04.08.2026

Case Overview

The National Company Law Appellate Tribunal (NCLAT) at Chennai heard Company Appeal (AT) (CH) (Ins) No. 314/2026 along with interim applications IA No. 904, 905 & 906/2026. The appeal was preferred by Canopy Classic Welfare Association, an association of home buyers from a project developed by the Corporate Debtor, Canopy Estates Pvt Ltd. The appellant challenges an application filed by home buyers of the same project regarding what is termed as "reverse insolvency" proceedings. The Tribunal noted that while the appellant's counsel claimed that appeal papers had been served on the Resolution Professional (Mr. Girish Kambadaraya), the Resolution Professional had not logged in for the hearing.

Final Outcome

The Tribunal directed the appellant to intimate the Resolution Professional about the case and listed the matter for further hearing on 05.08.2026 under the same caption. The bench comprised Justice N. Seshasayee (Member - Judicial) and Jatindranath Swain (Member - Technical).

Topics: Insolvency Appeal, Home Buyers Association, Real Estate Dispute