RIGHTS OF HOME-BUYERS AS FINANCIAL CREDITORS UNDER THE INSOLVENCY & BANKRUPTCY CODE

Authored by Nikita Desai*

ABSTRACT

Real estate sector of India is a booming sector, and has a very much influence in Indian Economy. For quite a long-time homebuyers/allottees faced hardships for sorting their remedial rights against the default’s actions of the Real estate companies which changed drastically after the evolution and amendments made in The Real Estate (Regulation & Development) Act, 2016 (RERA) and Insolvency and Bankruptcy Act, 2016 (IBC) placing them onto the pedestal of Financial Creditors status which only further strengthen the same. IBC main role is to avert insolvency by revitalizing poorly businesses however, not a retrieval instrument for creditors but a resolution apparatus to blow natural life into strained monies of the CD. The new Reverse Corporate Insolvency Resolution Process (CIRP) concept by National Company Appellate Law Tribunal (NCLAT). However, have fewer-to-one practical implications but such out-of-the-box thinking was direly needed.

Keywords- Homebuyers Rights, Financial Creditors, Sec.7 CIRP, Reverse CIRP

Publication date and year: March, 2023

DOI Link: https://doi.org/10.59126/v2i3a9

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Preferred Citation: Nikita Desai, RIGHTS OF HOME-BUYERS AS FINANCIAL CREDITORS UNDER THE INSOLVENCY & BANKRUPTCY CODE, Page no. 124-138, Vol. II-III, (2023).

* Nikita Mistry (Desai), LLM, NMIS-Kirit. P. Mehta School of Law; available at: nikitamistry37@gmail.com.