The Insolvency and Bankruptcy Code, 2016 (IBC) recognizes homebuyers as financial creditors, granting them statutory rights in insolvency proceedings.
Status of Homebuyers under IBC
A homebuyer who has paid money to a real estate developer for an apartment or plot is treated as a financial creditor under the IBC.
Who Can File a Claim Before NCLT?
A homebuyer can file a claim before the National Company Law Tribunal (NCLT) if:
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The developer is undergoing Corporate Insolvency Resolution Process (CIRP)
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Consideration has been paid (full or part)
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Possession has not been handed over
Documents Required for Filing Claim
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Builder-buyer agreement
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Payment receipts / bank statements
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Allotment letter
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Identity proof
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Claim form (Form CA)
Types of Claims by Homebuyers
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Refund of money paid
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Possession of property
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Interest on delayed possession
Filing Process for Homebuyers
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Public announcement by IRP
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Submission of claim in prescribed form
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Verification by Resolution Professional
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Inclusion in list of creditors
Rights of Homebuyers in CIRP
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Right to vote through Authorized Representative
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Right to participate in CoC meetings
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Right to receive resolution plan benefits
Importance of Legal Guidance
IBC timelines are strict. Incorrect filing or missing documents may lead to rejection of claim.
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