The status of homebuyers as a class of financial creditors and their right to initiate the Corporate Insolvency Resolution Process against the builder/developer under the Insolvency and Bankruptcy Code had traversed a very long journey which witnessed various legislative amendments and Supreme Court's decision on the constitutionality of those amendments. This journey of homebuyers perhaps reached a destination with the …
In a significant verdict, the Supreme Court Tuesday upheld amendments made by Parliament in the Insolvency and Bankruptcy Code which made changes including that either one hundred home buyers or ten per cent of allottees of a housing project will be needed to initiate insolvency resolution process against defaulting real estate firms instead of earlier provision which permitted even a …
)