New Delhi, Jan. 16 -- A society or resident welfare association (RWA) has no legal right to intervene at the stage where a financial creditor seeks to trigger insolvency proceedings against a real estate developer for defaulting on its loan obligations, the Supreme Court ruled on Thursday. A bench of justices JB Pardiwala and R Mahadevan court held that since such bodies are neither lenders themselves nor statutorily recognised representatives of homebuyers under the insolvency law, they are not entitled to be heard when a creditor moves to initiate the corporate insolvency resolution process. The court clarified that proceedings under Section 7 of IBC - at the stage of admission of a corporate debtor into the Corporate Insolvency Resolutio...