Status of Homebuyers under IBC and its Mechanism

Homebuyers who have been assured of committed returns from the developer could trigger IBC as a financial creditor under section 7 whereas all the homebuyers have been granted the right to represent themselves as a participant of the committee of creditors.

Resolution Professional (Appointment, Tenure) and his Duties

The officers and managers of the Corporate Debtor, shall report to Resolution Professional. They shall provide him all the documents or records as required by him in the course of his duties.

Difference between Insolvency and Bankruptcy

Insolvency is just the state where the financial inability is reached whereas the bankruptcy is the realization and announcement of that the state of being insolvent.