In Brief
Pioneer Urban Land and Infrastructure Limited and others filed multiple writ petitions challenging the constitutional validity of the 2018 Amendment to the Insolvency and Bankruptcy Code, 2016, which included home buyers and allottees as financial creditors. The Supreme Court upheld the amendment as constitutionally valid under Article 14, holding that allottees had always been financial creditors under Section 5(8)(f); the amendment merely clarified existing law. The Court directed States to appoint permanent adjudicating officers and strengthen the NCLT and NCLAT with adequate members to handle real estate insolvency cases. All writ petitions and the civil appeal were disposed of accordingly.
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