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Home-buyer is considered as financial creditor and can initiate insolvency process against defaulting builders

January 28, 2019[2019] 101 208 (NCLT - New Delhi)

IBC : Home buyer, who purchased residential unit in a housing project under Assured return/monthly return plan, was a financial creditor and could initiate CIRP against defaulting builder or developer who defaulted in payment of assured return as per agreement

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