Homebuyers could only engage in the IBC procedure as a class of financial creditor. Individual homebuyer rights were absorbed by homebuyer rights as a class.
Neither the promoter nor the allottee can deny such rights & duties as mentioned in this article no matter what has been documented by the Builder or agreed by the Allottee.
There has been no or little knowledge about the functioning of IBC but let us assure you that we have done many matters under IBC and have ended up getting justice for all our home-buyers clients. It is quick, efficient and result oriented.
Such one-sided notification by MahaRERA is a big black mark on the rights of the homebuyers. The notification provided all sorts of protection to developers/builders in terms of payment of interest and delivery of units but it nowhere caters to the difficulties faced by the homebuyers.