NCLAT Dismisses Homebuyers' Appeal in Vatika Insolvency

The NCLAT dismissed appeals by homebuyers challenging the NCLT order admitting Vatika Ltd into insolvency under Section 7 of the IBC.
The NCLAT upheld the NCLT's rejection of the homebuyers' application under Section 65 IBC, finding no evidence of malicious initiation.
The court found that non-issuance of NOC by the financial creditor did not constitute fraud or malicious intent under the IBC.