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Are Buyers Secured Or Unsecured Creditors Of Builder?
I had bought an under-construction flat but because of delay I had filed a case in state consumer forum and I got the award in my favour but before the order could get executed the builder went in Bankruptcy. Since we couldn't get a resolution court has ordered liquidation. Now I know that I'm a financial creditor based on latest govt. notification on IBC, but still there's no clarity on Secured unsecured, but based on the court order itself will I qualify as a secured creditor?"
- Sector-1, Noida
While the ordinance has secured the home buyers and allottees under IBC as financial creditors, the most pertinent issue, which will play out in time is whether the home buyers/ allottees would be treated as secured financial creditors.
Answered on 31 Mar 2020
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