Thus, Mansi Brar refines rather than contradicts Pioneer Urban. Homebuyers retain their status as financial creditors, but only those who can demonstrate a bona fide intent to obtain possession, not a return on investment, are eligible to invoke the IBC.
The judgment re-establishes RERA’s primacy, reminding stakeholders that disputes over delay, refund, or possession must first be addressed before the sectoral regulator. Insolvency, in contrast, must remain a tool for resolving genuine financial distress, not an avenue for leverage.
For tribunals, Mansi Brar introduces a new gatekeeping duty: pre-admission scrutiny of agreements. Clauses offering fixed returns, buy-backs, or quick exits will now indicate speculation.