The Allahabad High Court has held that the interest of the homebuyers is paramount in an insolvency resolution process of a real estate company as it directly impacts their rights and interests.
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 project. The homebuyers are vital stakeholders. The process of creditor insolvency resolution directly impacts upon their rights and interest. Concerns of homebuyer have to be the primary object under any insolvency resolution process. Without restoration of the cancelled plot any resolution plan cannot be approved by the Adjudicating Authority.”
Petitioner entered into a tripartite…