The Union Parliament passed the Insolvency and Bankruptcy Code Amendment Act 2020 to modify the provisions of the Insolvency and Bankruptcy Code 2016. The provisions of the amendment act were challenged in Manish Kumar Vs Union of India.The Honorable Supreme Court by its judgement dated January 19^th 2021 has upheld the Constitutional validity of the Act.

You are required to study the provisions of the amendment act that were challenged, the grounds on which these were challenged, the order of the Court upholding the provisions and discuss the following as the outcome of your study:

1. The definition and scope of financial creditors
2. The eligibility of homebuyers to initiate IBC provisions against real estate developer
3. Limitations imposed on the financial creditor to initiate the IBC proceedings
4. Immunity available from prosecution for offences committed before the commencement of resolution proceedings.