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Jan 23, 2024

SC Held That Homebuyers Who Secure Decree Under RERA Cannot Be Treated Differently From Other Financial Creditors Under IBC

The SC in Vishal Chelani & Ors. v. Debashis Nanda[1] held that an allottee in a real estate project, who subsequently becomes a decree holder under the Real Estate (Regulation and Development) Act, 2016 (‘RERA’), continues to be a creditor in the class of home buyers and cannot be treated differently from the other financial creditors for the purposes of the resolution plan under the Insolvency and Bankruptcy Code, 2016 (‘IBC’). The Court held that treatment of a particular segment of creditors differently, on the ground that some of them had availed remedy under the RERA, would be inequitable and contrary to Article 14 of the Constitution of India, 1950.

[1] Vishal Chelani & Ors. v. Debashis Nanda, Civil Appeal No. 3806 of 2023.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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