The Insolvency Code, also known as the Insolvency and Bankruptcy Code (IBC), has had a significant impact on stalled housing projects. Here are some key points to consider:

• Resolution of Stalled Projects: The IBC provides a mechanism for the resolution of stalled projects by allowing interested parties to bid for the assets of the defaulting developer. This helps in completing the projects and delivering the houses to the buyers.
• Boost to Homebuyers: The code prioritizes the interest of homebuyers, who are now recognized as financial creditors. This ensures that their claims are treated on par with other financial creditors and gives them a voice in the resolution process.
• Accountability of Developers: The IBC holds developers accountable for their actions by providing for their removal and replacement if they are found to be incompetent or involved in fraudulent practices. This helps in instilling confidence among homebuyers and preventing similar situations in the future.
• Efficient and Time-bound Resolution: The code aims to promote time-bound resolution of stalled projects by setting strict timelines for completion. This helps in preventing unnecessary delays and ensures a faster resolution process.
• Last Resort Option: While the IBC is a valuable tool for resolving stalled housing projects, it is recommended to use it as a last resort. Other options, such as mediation and asset reconstruction, should be explored first to minimize the disruption caused by insolvency proceedings.

Overall, the Insolvency Code has had a significant impact on stalled housing projects by providing a legal framework for their resolution while prioritizing the interests of homebuyers.