In Brief
Home buyers in an abandoned housing project obtained a refund decree from the consumer commission. During execution proceedings, the developer filed for corporate insolvency under the IBC, triggering a moratorium. The Supreme Court held that a moratorium under the IBC applies only to the corporate debtor, not its directors/promoters, who remain personally liable. Since the resolution plan was still pending approval, the Court declined to order attachment of promoters' personal properties at that stage. The Court granted home buyers the right to pursue remedies against promoters after the resolution plan is approved and directed expedited approval within six weeks.
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