Homebuyer who subrogates right to third party not a financial creditor: NCLT

Varun Marwah August 6 2018

Soon after homebuyers have been given financial creditor status, the Allahabad Bench has found a certain category of homebuyers to not be financial creditors.

Ajay Walia, the applicant, in this case, booked an apartment with Sunworld Residency Pvt Ltd in 2014 for which he had obtained a loan from HDFC Bank. Two agreements were signed between Walia and Sunworld, first was the Buyers Builder Agreement whereas the second was a Supplementary Agreement whereby Walia was given the option to cancel his . . .

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