Allottee Does Not Cease To Be Financial Creditor On Ground Of Being Speculative Investor: NCLT Chandigarh

The NCLT Chandigarh ruled that an "allottee does not cease to be a financial creditor on the ground of being a speculative investor." The tribunal clarified that under the Insolvency and Bankruptcy Code (IBC), a homebuyer or allottee of a real estate project qualifies as a financial creditor, irrespective of their intention (whether for self-use or investment/speculation). Their right to claim as a financial creditor is based on the advance paid for the property, not on their investment motive, ensuring broader protection for homebuyers.