Resolution plans under the Insolvency and Bankruptcy Code (IBC) are likely to get easier approvals from creditors committees, with a government panel agreeing to recommend only 60 per cent of their members needed to pass these. At present, the requirement is 75 per cent votes.
In a meeting on Monday, the panel, headed by Corporate Affairs Secretary Injeti Srinivas, also decided to recommend creditor status to homebuyers in insolvency cases of real estate companies, a source said . Homebuyers of Jaypee Infratech projects had moved the Supreme Court, after the company went in for insolvency resolution.
At present, homebuyers can only submit their claims, but these are not given priority. This was …
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