The National Company Law Appellate Tribunal (NCLAT) rejected a plea by four unit buyers of Parsvnath Landmark Developers to initiate insolvency proceedings against the subsidiary. Upholding the NCLT’s decision, the appellate tribunal cited technical grounds, noting that the petitioners did not meet the required number criteria under Section 7(1) of the Insolvency and Bankruptcy Code. Despite claims of being decree holders by the buyers, the NCLAT affirmed their status as financial creditors, dismissing the appeal and maintaining the allottees’ uniform category. The plea stemmed from delays in project completion and refund non-compliance by the developer.