Whether Banks Lending to Homebuyers Be Considered Financial Creditors Under IBC?
IntroductionThe Insolvency and Bankruptcy Code, 2016 (‘Code’) passed on May 28th, 2016 did not explicitly have homebuyers designated as ‘Financial Creditors’. Subsequent amendment in 2018 stated what was already an accepted position by various courts in respect of homebuyers who purchase property under ‘assured returns/committed returns’ The recognition of Banks that have provided loans to Homebuyers of Corporate Debtor as […]
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