https://www.taxtmi.com/caselaws?id=755472 NCLAT held that homebuyers who pay money for real estate projects are deemed financial creditors under Section 5(8)(f) of the Code, regardless of whether they are genuine homebuyers or speculative investors. The tribunal ruled that once the Committee of Creditors approves a resolution plan by requisite majority, individual homebuyers cannot challenge it, following Essar Steel precedent. The appellant lacked locus to challenge the resolution plan or their classification in category 4. The appeal was dismissed as devoid of merit. en-us Tue, 02 Jul 2024 00:00:00 +0530 Sat, 13 Jul 2024 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755472 NCLAT held that homebuyers who pay money for real estate projects are deemed financial creditors under Section 5(8)(f) of the Code, regardless of whether they are genuine homebuyers or speculative investors. The tribunal ruled that once the Committee of Creditors approves a resolution plan by requisite majority, individual homebuyers cannot challenge it, following Essar Steel precedent. The appellant lacked locus to challenge the resolution plan or their classification in category 4. The appeal was dismissed as devoid of merit. Case-Laws Insolvency and Bankruptcy Tue, 02 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755472