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 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 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