Home buyer Rights under IBC 2006

Dear Expert, The insolvency proceeding has been initiated against a builder -developer .Just before that, builder had given a option to the home buyers for taking possession of incomplete Villa in a Villa Complex . A homebuyer had exercised this option and had taken possession of Villa after making full payment to the builder but it is not yet registered in his name. Whether rights of the such person (who has taken the possession but registry not done his name), will be hampered in any way ,as the bankruptcy code does not include homebuyers in the definition of secured financial creditors like banks. There is �no clarity� where homebuyers will be placed in the hierarchy. Whether homebuyers will be kept at par with secured financial creditors? Regards Divesh Sehra 9811438738