IBC proceedings: Why homebuyers are in a bind over voting rights

Regulations define 'dissenting financial creditors' as those who vote against the Resolution Plan or abstain from the voting for the Resolution Plan approved by the committee

Why is there confusion over voting rights of homebuyers?

While a recent amendment in the Insolvency and Bankruptcy Code gave homebuyers in a real estate project undergoing insolvency proceedings the status of financial creditors, the rules stipulate that only those who file claims have voting power in the Committee of Creditors (CoC). The amendment gave a voice to homebuyers in the CoC through the appointment of insolvency professional (IP) who takes care of their interests. However, the IP representing homebuyers does not have the right to vote on their behalf.

Some legal experts feel that there are contradictions within the circular issued