NCLT admits Homebuyers Insolvency plea

The Principal Bench of the NCLT, by its order dated 8 June 2026, admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by 176 homebuyers of the "Raheja Revanta" project against Raheja Developers Ltd.

The Tribunal held that the statutory requirements for commencement of CIRP stood satisfied as the homebuyers had established the existence of a financial debt and default. 

The ruling also follows the project-wise insolvency framework evolved by the NCLAT, permitting insolvency proceedings to remain confined to the specific project rather than the corporate debtor's entire portfolio.