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Supreme Court of India 2021-09-08 disposed

Bench: 3 — Dhananjaya Y Chandrachud, Vikram Nath, Hima Kohli

In Brief

Home buyers of a housing project sought refunds from the developer after the project was abandoned. The NCDRC awarded refund orders with interest. When execution proceedings followed, the developer filed for corporate insolvency, triggering moratorium protections. The Court clarified that the IBC moratorium applies only to the corporate debtor, not its promoters or directors. Home buyers may therefore pursue remedies against the promoters personally. The Court directed expedited approval of a home buyer-backed Resolution Plan and permitted buyers to challenge the plan before the NCLT if desired.

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Consumer Protection Insolvency and Bankruptcy Real Estate/Housing Corporate Insolvency Resolution Process Moratorium Negotiable Instruments Settlement Enforcement

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