In Brief
The Supreme Court dismissed appeals by homebuyers who were deemed speculative investors misusing insolvency laws to recover invested funds rather than seeking possession of apartments. The Court upheld the National Company Law Appellate Tribunal's finding that buyback clauses, assured returns, and post-dated cheques indicated investment intent, not genuine homebuying. However, it held that retroactive application of the 2019 Amendment Ordinance requiring 100+ allottees to file insolvency petitions was unjust for applications reserved before the Ordinance. Significantly, the Court declared housing a fundamental right under Article 21 and issued comprehensive directions to strengthen RERA, improve insolvency procedures, and protect genuine homebuyers.
The lawyer headnote and full judgment text are available to registered users.