Real Estate Insolvencies and the Status of Homebuyers

Insolvency is the state of not being able to repay a loan; insolvency arises when an individual, business, organization, or association fails to satisfy its debt within the allotted time frame. On the other hand , bankruptcy is a legal action initiated when a person, business, or company cannot repay unpaid debts. Bankruptcy starts with a petition to the court made by the entity that owes money to its creditors. However, the procedure to be followed for the petition of bankruptcy varies in different countries. This research will deal with the insolvency and bankruptcy procedure of the Indian jurisdiction. The study will focus on the Indian statute and regulations with concern to insolvency, which resulted in the development of the Insolvency code, 2016. The principle goal is to find out the development of real estate insolvencies and the status of home buyers. In 2017, the National Company law Tribunal and the Appellant Tribunal had the first fortuity to ponder the footing of allottees within the IBC framework. The paper will discuss all the cases and amendments with respect to real estate.