Introduction:
The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as IBC) undergoes to second amendment to ensure enforcement of the provisions of the Code aiming towards the fulfilment of its objective of time-bound resolution process. These amendments will make easier effective implementation and obtain desired results.
Following are the significant amendments introduced in the 2018:
(a) Home Buyers are recognised as Financial Creditors
In the matter of Jaypee Infratech Limited, the Supreme Court held that, home buyers have now been recognized as financial creditors under the IBC. This amendment has been carried out keeping in mind the peculiarity of under construction apartments in India where almost 25% to 30% of the proje…
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