Home Buyer Claims Insolvency and Bankruptcy Code Objectives & Procedure
                     Home Buyer Claims: Insolvency and Bankruptcy Code 
Objectives & Procedure
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Objectives of the Code
1. Boost assets to enhance value for debtors.
2. Foster entrepreneurship through support and promotion.
3. Resolve bankruptcies swiftly and effectively for efficiency.
Resources like Ancoraa Resolution make the execution of objectives easier.
Home Buyer Claims: Insolvency and Bankruptcy Code Objectives & Procedure
The procedure of the Code
• The procedure starts when a creditor or the debtor begins the 
insolvency process.
• An interim resolution professional (IRP) manages the debtor's 
affairs during insolvency.
• IRP invites creditors to submit their claims.
• The IRP prepares a resolution plan.
• The National Company Law Tribunal must approve the resolution 
plan.
The procedure is done smoothly via reputable resources such as 
Ancoraa Resolution.
Home Buyer Claims: Insolvency and Bankruptcy Code Objectives & Procedure
Buyer Claims Against Builder
• After the Chitra Sharma case, the Supreme Court directed the IRP to protect home 
buyer claim against builder and nominated a representative for COC meetings. 
• The 2018 Amendment Ordinance granted home buyer claim against builder via the 
status of financial creditors. 
• The 2019 Amendment Ordinance restricted individual 
home buyer claim against builder and required a joint application by at least 10% or 
100 homebuyers.
Try Ancoraa Resolution today to know more.
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