REAL ESTATE ALLOTTEE , CLASS ACTION & IBC: 2020 AMENDMENT UPHELD
REAL ESTATE ALLOTTEE , CLASS ACTION & IBC: 2020 AMENDMENT UPHELD Shubham Budhiraja [1] CONCLUSION 1. Scheme of IBC is to balancing the Interest of all stakeholders and therefore there was very much in need of preventing abuse of code 2. Sub class within a class is allowed and the allottee have various distinct features which make them apart from other financial creditors. 3. The class action suit is not something new to the law makers. Also, the concept of Order 8 Rule 1 may seem attractive but practically it does not support the result of fulfilling the objective of code 4. The vested right under Section 7 accrued as soon as filling of application and not on order of admission u/s 7(5). However it is settled law that vested right can be take away even by retrospective operation of law. 5. The definition of allottee under RERA has to refer at time of filling application by allottee under Section 7 6. The alllottee stan