Definition
Following the Supreme Court's decision in Pioneer Urban Land & Infrastructure Ltd v. Union of India (2019), home buyers (allottees) in real estate projects are classified as financial creditors under the IBC, allowing them to file CIRP petitions against defaulting real estate developers. The Insolvency and Bankruptcy (Amendment) Act, 2020 codified this by inserting Explanation to Section 5(8)(f) of the IBC.
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For specific advice on how Home Buyer (as Financial Creditor) applies to your debt recovery matter, consult Advocate Subodh Bajpai — LLM, MBA (XLRI Jamshedpur). 25+ years of exclusive banking and debt recovery practice across DRT, SARFAESI, IBC, and NI Act.
Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates