Raksha G M, LLM-CCL, CHRIST (Deemed to be University)
Dr. Shilpa M.L, Professor, School of Law, CHRIST (Deemed to be University)
ABSTRACT
The passing of Insolvency and Bankruptcy Code, 2016 has marked a significant shift in the area of insolvency regime and creditors security unlike the earlier laws where debtors were in the place of control. The Insolvency and Bankruptcy Code,2016 is subjected to numerous amendments since its enactment and one such major amendment that took attention of many is inclusion of Home Buyers as Financial Creditors and giving them, the Authority to initiate Corporate Insolvency Resolution Process (CIRP). So currently, the law permits home buyers who have invested their money into projects and are facing hardships due to delay in delivery of possession to take action against developers under the shelter of IBC. However, this power to initiate CIRP is not absolute and is subjected to certain terms and conditions. The researchers will attempt to analysis the legislative intent behind including Home buyers under IBC even though there exist other judicial bodies for home buyers to obtain necessary relief and critically examines the powers and limitations that exists for home buyers under the Code.
Keywords: Home Buyers, CIRP, Developers, IBC, amendments.
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