Consumers groups have petitioned Prime Minister Narendra Modi for protecting the interest of home buyers after insolvency proceedings were initiated against Jaypee Infratech cast an uncertainty over the fate of some 30,000 people, who have invested in flats belonging to the realty major.
Fight for RERA, an umbrella group of some 100 homebuyers association and consumer groups, wrote a letter to the PM on September 5 demanding amendments to the Insolvency and Bankruptcy Code, 2016, to ensure that home buyers get top priority while dealing with insolvency cases involving realty developers.
. this case is a ticking time bomb, which if not resolved by protecting the interest of thousands of home buyers, would become a potent tool in the hands o…
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