PTI:
The Supreme Court today asked around 400 homebuyers of embattled Jaypee group to intervene in the main matter in which several buyers have moved the court seeking relief in the issue relating to the insolvency proceedings.
Flat buyers, under the Insolvency and Bankruptcy Code of 2016, do not fall under the category of secured creditors like banks and they may get back their money only if something is left after repaying secured and operational creditors.
The home buyers in their plea had sought a direction to the government and others that this code shall not curtail the legal statutory and vested rights of the flat owners/ buyers as consumers defined under Consumer Protection Act.
A bench of Chief Ju…
Read the full article at: http://www.thehindubusinessline.com/news/apex-court-allows-homebuyers-to-intervene-in-jaypee-insolvency-matter/article9864045.ece