Distressed home buyers in a bind over voting rights under IBC: Here's why

In order to be a member of the committee of creditors, it is necessary for a home buyer to file claims before the insolvency professional

There appears to be confusion over voting rights of home buyers in real estate companies under insolvency and bankruptcy proceedings. While a recent amendment in the Insolvency and Bankruptcy Code gave home buyers in a real estate project the status of financial creditors, the rules stipulate that only those who file claims have voting power in the committee of creditors (CoC). What has further made getting CoC approvals difficult is the provision under which any absentee vote is treated as a negative vote, that is not in favour of the agenda.  

The amendment gave a voice to home buyers in