The Everchanging Bankruptcy Landscape

Introduction

The Supreme Court of India has passed a landmark judgment² in respect of the Amrapali Group which though historic, has once again reset the landscape in the everchanging bankruptcy laws in India. While the judgment is path breaking in so much as it sets the interests of the home buyers as supreme, this may have far reaching implications for bankers and State owned land owning agencies.

To put things in perspective let's start with the facts. The Amrapali group of companies ("Group") began its operations in 2003 and is primarily engaged in the business of constructing residential projects, townships, offices, and commercial complexes. It successfully launched several residential/ commercial projects in Noida, Greater Noida and assured delivery of the apartments/ units, etc. within 36 months.