Financial Creditor Status: Home buyers must receive equal treatment in IBC resolution plans irrespective of RERA remedies. The Court held that the statutory explanation deeming amounts raised from allottees as having the commercial effect of borrowing brings home buyers within ... Summary
Financial Creditor Status: Home buyers must receive equal treatment in IBC resolution plans irrespective of RERA remedies.
The Court held that the statutory explanation deeming amounts raised from allottees as having the commercial effect of borrowing brings home buyers within the class of financial creditors under Section 5(8)(f) of the IBC; it disapproved any subdivision treating buyers who pursued RERA remedies as a separate subclass, finding such differential treatment to be inequitable and violative of Article 14, and directed equal treatment of allottees in resolution plan consideration.
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