It is to be understood that the objective of IBC is not to provide benefit only to selective creditors but to protect the interests of all the stakeholders.

The execution of the orders is still a far fetched process as the RERA has failed to implement the execution mechanism under the RERA.

If anyone is looking to recover their debts in a time bound manner or resolution of the corporate debtor in a timely manner then IBC provides the necessary redressal.

Only those properties in the name of the corporate debtor shall come under the purview of the moratorium and not the personal properties in the name of the corporate debtor.

The complaints against the defaulting builders should only be taken up by RERA Authorities of the State before being referred to the NCLT for the insolvency proceedings.

Approaching RERA has been rightly helpful for the homebuyers who have not received the possession or refund of the amount paid by them to the builders or developers.

To enroll as an Insolvency Professional an individual has to qualify the eligibility criteria set under insolvency and bankruptcy code, 2016.

The homebuyers who wish to seek refund of their amount are legally entitled to approach National Company Law Tribunal (NCLT) under IBC.

If there is no assured return plan incorporated into the builder buyer agreement entered into between the homebuyer and builder then the homebuyer had to approach RERA to seek refund.

The voluntary winding up or voluntary liquidation, as the code defines, of the company can take place under section 59 of the IBC.

The shareholders and promoters are not the creditors and thereby the resolution plan cannot balance the maximization of the value of assets of the corporate debtor

The homebuyers can file a petition against the builder or developer to commence Corporate Insolvency Process or not.

Homebuyers who have been assured of committed returns from the developer could trigger IBC as a financial creditor under section 7 whereas all the homebuyers have been granted the right to represent themselves as a participant of the committee of creditors.

The officers and managers of the Corporate Debtor, shall report to Resolution Professional. They shall provide him all the documents or records as required by him in the course of his duties.

Any aggrieved person can take a legal action against the Insolvency Professional who contravenes any of the provisions of the Code or violates or deviates from the professional duty entrusted upon him/her.