NCLT Dismisses Flat Owners' SNG Realestate Insolvency Intervention

NCLT Jaipur Bench dismisses an application by Sunrisers Flat Owners Welfare Society seeking impleadment in Union Bank of India's Section 7 insolvency petition against SNG Realestate Pvt Ltd.
The Tribunal relies on a Supreme Court precedent stating Section 7 IBC proceedings are bipartite, in personam, and do not require hearing third parties or unrelated creditors at the pre-admission stage.
The applicant society alleged the insolvency petition was collusive and filed in connivance between the bank and the corporate debtor, defrauding homebuyers.
While dismissing the application, the bench granted liberty to the applicant society to file appropriate separate proceedings in accordance with the law.