Treating Homebuyers As Financial Creditors Not Arbitrary

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::open($save_path, $name) should either be compatible with SessionHandlerInterface::open(string $path, string $name): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 132

Backtrace:

File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
Line: 7
Function: library

File: /home/u936103050/domains/judicialtestseries.com/public_html/index.php
Line: 315
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::close() should either be compatible with SessionHandlerInterface::close(): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 290

Backtrace:

File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
Line: 7
Function: library

File: /home/u936103050/domains/judicialtestseries.com/public_html/index.php
Line: 315
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::read($session_id) should either be compatible with SessionHandlerInterface::read(string $id): string|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 164

Backtrace:

File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
Line: 7
Function: library

File: /home/u936103050/domains/judicialtestseries.com/public_html/index.php
Line: 315
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::write($session_id, $session_data) should either be compatible with SessionHandlerInterface::write(string $id, string $data): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 233

Backtrace:

File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
Line: 7
Function: library

File: /home/u936103050/domains/judicialtestseries.com/public_html/index.php
Line: 315
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::destroy($session_id) should either be compatible with SessionHandlerInterface::destroy(string $id): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 313

Backtrace:

File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
Line: 7
Function: library

File: /home/u936103050/domains/judicialtestseries.com/public_html/index.php
Line: 315
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::gc($maxlifetime) should either be compatible with SessionHandlerInterface::gc(int $max_lifetime): int|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 354

Backtrace:

File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
Line: 7
Function: library

File: /home/u936103050/domains/judicialtestseries.com/public_html/index.php
Line: 315
Function: require_once

Treating Homebuyers As Financial Creditors Not Arbitrary

14 Aug 2019 01:33 pm

Dismissing a bunch of petitions filed by nearly 200 realtors, the Supreme Court on Friday upheld the amendments made to the Insolvency and Bankruptcy Code in 2018 to treat homebuyers as financial creditors.

In the judgment titled Pioneer Urban Land and Infrastructure Ltd and Anr vs Union of India, the bench of Justices R F Nariman, Sanjiv Khanna and Surya Kant held that the amendments do not violate Article 14 and 19(1)(g) of the Constitution and rejected the argument that they are 'arbitrary, unreasonable, excessive and disproportionate'.

The real estate companies raised the following points :

Treating homebuyers as financial creditors amounts to treating unequals as equals. This is unreasonable classification.
This is contrary to the object of IBC, as a few disgruntled allottees can bring the entire project to standstill.
Homebuyers have a separate remedy under the RERA Act for their grievance redressal.
Giving advance payment for flat allotment cannot be regarded as 'financial lending'.

Pioneer Urban Land and Infrastructure ltd. vs UOI

Writ Petition Civil No. 43/ 2019