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The Supreme Court held that a society or Resident Welfare Association of homebuyers has no locus standi to intervene in insolvency proceedings against a real estate developer, as it is neither a creditor nor an authorised representative of allottees.
NEW DELHI: The Supreme Court determined that a society or Resident Welfare Association (RWA) of homebuyers lacks legal standing to intervene in insolvency proceedings initiated against a real estate developer, as it does not qualify as a creditor or an authorized representative of the allottees in the real estate project.
A Bench comprising Justices JB Pardiwala and R. Mahadevan stated:
“A…