Great Homes, a real estate company has defaulted in paying the outstanding dues to the financial creditors. The financial creditors have initiated the insolvency process against Great Homes. Many of the home buyers who have pre-paid for the apartments are faced with trouble as the construction process of all real estate property suddenly stopped and they may not be able to get the delivery of the apartments. In this context committee of creditors refused to help the home-buyers.

1. Analyze the situation based on the present position of home-buyers under the present Insolvency and Bankruptcy Code

2. Examine the role of committee of creditors and insolvency professionals under the Insolvency and Bankruptcy Code