Supreme Court Upholds Homebuyers' Rights As Financial Creditors Under Insolvency Laws

The Supreme Court order comes at a time thousands of homebuyers have moved the court for possession of undelivered flats. The top court rejected a plea by real estate companies, which had argued that lack of clarity on the definition of the term default in the RERA laws allows abuse of the IBC process by homebuyers. Amendments to the Insolvency and Bankruptcy Code last month had allowed homebuyers the tag of financial creditors, ...