https://www.taxtmi.com/caselaws?id=291639 The Supreme Court classified Home Buyers as Financial Creditors under the IBC, 2016. The Court found the Corporate Debtor in default for failing to provide possession of the property as per the agreement terms. As the Corporate Debtor could not refund the amount or provide possession, the petition was admitted, and the Corporate Insolvency Resolution Process (CIRP) was initiated. An Insolvency Resolution Professional (IRP) proposed by the Financial Creditor was appointed, and necessary orders were issued to relevant parties and authorities. en-us Fri, 06 Sep 2019 00:00:00 +0530 Fri, 20 Nov 2020 12:08:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291639 The Supreme Court classified Home Buyers as Financial Creditors under the IBC, 2016. The Court found the Corporate Debtor in default for failing to provide possession of the property as per the agreement terms. As the Corporate Debtor could not refund the amount or provide possession, the petition was admitted, and the Corporate Insolvency Resolution Process (CIRP) was initiated. An Insolvency Resolution Professional (IRP) proposed by the Financial Creditor was appointed, and necessary orders were issued to relevant parties and authorities. Case-Laws Insolvency and Bankruptcy Fri, 06 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291639