Mixed-use real estate project CIRP: extraordinary Article 142 powers used to appoint oversight committee, protect homebuyers, continue resolution

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....In a CIRP concerning a mixed-use real estate project, the dominant issue was whether extraordinary powers could be invoked to ensure an equitable resolution among competing stakeholders, particularly protecting homebuyers, where the ordinary CIRP architecture was viewed as inadequate to secure balanced outcomes. The Court accepted the amicus recommendations and stakeholder responses indicating broad confidence in a court-monitored mechanism, and held that the case warranted exercise of Article 142 to "do complete justice" while maintaining fidelity to IBC objectives. Consequently, it directed a court-appointed committee with judicial oversight to ensure continuity of the resolution process and safeguard homebuyers' rights. - SC....