Supreme Court Rules Homebuyers' Societies Cannot Intervene in Developer Insolvency Proceedings

The Supreme Court ruled that homebuyers' societies and Resident Welfare Associations (RWAs) cannot intervene in insolvency proceedings of developer firms under the Insolvency and Bankruptcy Code (IBC) unless they qualify as financial creditors. The bench emphasized that the IBC aims for genuine revival of the corporate debtor, not expedient recovery, and societies lack locus standi unless they have independently advanced funds or hold creditor status. Alternative legal remedies remain available for such entities.