Insolvency and Bankruptcy Code | Pioneer Urban Land and Infrastructure Ltd. v. Union of India, W.P. (C) No. 43 of 2019 09-08-2019 SC

SUPREME COURT OF INDIA R.F. Nariman, Sanjiv Khanna & Surya Kant, JJ. W.P. (C) No. 43 of 2019 09-08-2019

The Insolvency and Bankruptcy Code, 2016 - Section 5 (8) (f) - Insolvency Committee Report 2018 - Allottees / home buyers were included in the main provision, i.e. Section 5(8)(f) with effect from the inception of the Code, the explanation being added in 2018 merely to clarify doubts that had arisen.

The Insolvency and Bankruptcy Code, 2016 - Section 5 (8) (f) - The Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 - Constitutional Validity of - The Amendment Act to the Code does not infringe Articles 14, 19(1)(g) read with Article 19(6), or 300-A of the Constitution of India.

The Real Estate (Regulation and Development) Act, 2016 - The Insolvency and Bankruptcy Code, 2016 - The Consumer Protection Act, 1986

The RERA is to be read harmoniously with the Code, as amended by the Amendment Act. It is only in the event of conflict that the Code will prevail over the RERA. Remedies that are given to allottees of flats/apartments are therefore concurrent remedies, such allottees of flats/apartments being in a position to avail of remedies under the Consumer Protection Act, 1986, RERA as well as the triggering of the Code.

The Insolvency and Bankruptcy Code, 2016 - Section 5 (8) (f) - “Financial Debt” - Meaning of.

Section 5(8)(f) as it originally appeared in the Code being a residuary provision, always subsumed within it allottees of flats / apartments. The explanation together with the deeming fiction added by the Amendment Act is only clarificatory of this position in law.

Petitioner's Advocate : Pritha Srikumar

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