Jaypee Infratech Limited (JIL) and its parent company, Jaiprakash Associates Limited (JAL), entered insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) due to defaults in repayment. The insolvency process ... began in 2017, affecting thousands of homebuyers who had invested in residential projects but had not received possession of their properties. Initially, homebuyers were not considered financial creditors under the IBC, which meant they had no voice in the resolution process. Following an amendment to the IBC in 2018, homebuyers were recognized as financial creditors, granting them voting rights in the insolvency resolution process. This change was critical in giving homebuyers the opportunity to represent their interests during JIL's insolvency proceedings.