The Allahabad High Court has recently held that in an insolvency resolution process of a real estate company, the primary concern is the interest of the homebuyers in the real estate project, as they are the vital stakeholders.
The Petitioner had approached the High Court seeking issuance of a direction to the respondent to recalculate the pending dues of the petitioner in terms of the recitals made in the lease deed and extend the benefits of zero period admissible to the petitioner till June 29, 2015 and the period of Covid-19 pandemic.
The Single Bench of Justice Arun Kumar held, “In an insolvency resolution process of a real estate company the primary concern is the interest of a homebuyer in the real estate…