SC Allows Insolvency Application Withdrawal as Majority Homebuyers accepted Builder’s Settlement during CIRP

Amit Katyal Vs Meera Ahuja (Supreme Court of India) Legislative intent behind the amendments to the IBC is to secure, protect and balance the interests of all home buyers. The interest of home buyers is protected by restricting their ability to initiate CIRP against the builder only if 100 or 10% of the total allottees choose to do so, all the same conferring upon them the status of a financial creditors to enable them to participate in the COC in a representative capacity. Being alive to the problem of a single home buyer derailing the entire project by filing an insolvency application under ...