The recently introduced Insolvency and Bankruptcy Code, 2016 (IBC), has been put to a real test with the admission of corporate insolvency resolution proceedings (CIRP) against Jaypee Infratech for defaulting on a loan from IDBI Bank.
Of counsel
SNG & Partners
The IBC aims to remove the bottlenecks and expedite the CIRP, with a paradigm shift from debtor in possession to creditor in possession. Caught between the conflicting interests of the debtor and creditors are a large number of home buyers, who are trying to identify their rights under the IBC. Classifying home buyers as financial creditors or operational creditors is important, as these creditors have varied rights both before and post CIRP.
Few home buyers …
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