NEW DELHI: Insolvency protection cannot become an instrument to perpetuate displacement or defer the constitutional promise of dignified housing, the Supreme Court underlined on Friday, stressing that the Insolvency and Bankruptcy Code (IBC) was never intended to shield developers who default, abandon performance or frustrate projects of public significance. Economic revival, the court held, cannot eclipse citizens fundamental right to live-in safe and habitable conditions.
Abench of justices JB Pardi-wala and R Mahadevan dismissed An appeal filed by AA Estates Pri wate Limited, currently undergoing Corporate Insolvency Resotion Process (CIRP), challenging a September 2024 judgment of the Bombay high court that had Cleared the way for redevelop ment of dilapidated Kher Nagar Sukhsadan Cooperative Housing Society in Bandra (East), Mumbai.
Satinder Duggal
