Adaptability between RERA and IBC
Adv Neha Wagh
Pune, 12th May 2024: The much-prolonged wrangle about the locus of home buyers within the realm of Insolvency and Bankruptcy Code, 2016 has been set at rest by the Supreme Court.
The Apex Court while broadening the scope of the term “Financial Creditor” under IBC, was pleased to pass a landmark judgment in Vishal Chelani and others vs Debashis Nanda in 2023.
Once again the SC proved itself to be the guardian of the fundamental rights of the Indians ensuring equal protection of law and equitable relief guaranteed under Art. 14 of the Constitution. It has ensured, that home buyers, regardless of their choice of remedy under the RERA, are treated uniformly under the IBC. The overriding effect of IBC over other legislations is reaffirmed by this landmark judgment.
