The insolvency code can be used in the context of stalled housing projects as a last resort to address the issue. Here are some key points to consider:

• Exploring alternative solutions: Before resorting to the insolvency code, efforts should be made to explore alternative solutions such as negotiations, restructuring, or mediation to revive the stalled project.
• Identifying defaulting developers: It is crucial to identify developers who have defaulted on their obligations and contributed to the project's stall. This helps in initiating insolvency proceedings against them.
• Filing an insolvency application: Once defaulting developers are identified, concerned parties (such as homebuyers, financial institutions, or associations) can file an insolvency application under the code against the defaulting party.
• Appointment of insolvency professionals: When the application is admitted, an insolvency professional is appointed to manage the affairs of the defaulting developer and explore options for project revival.
• Resolution plan: Insolvency professionals work with stakeholders to formulate a resolution plan that involves completing the stalled project, meeting financial obligations, and ensuring the interests of homebuyers are protected.
• Voting by stakeholders: The resolution plan is put to vote by the committee of creditors, consisting of financial institutions and homebuyers. If approved, it is implemented under the supervision of the insolvency professional.
• Liquidation as a last resort: If efforts to revive the project fail, liquidation may be sought as a last resort to recover remaining funds and distribute them amongst stakeholders.

It is important to note that using the insolvency code should be a measure of last resort, as its application can have far-reaching consequences for the stakeholders involved.