New Delhi: The government is considering a proposal to allow unhindered registration of flats in completed projects even when the developer is undergoing insolvency resolution.
It may also enable the National Company Law Tribunal (NCLT) to seek inputs from the relevant Real Estate Regulatory Authority (RERA), given the complexities of bankruptcy resolution in the housing sector, where homebuyers are also financial creditors under the Insolvency and Bankruptcy Code (IBC), people aware of the details told ET.
The suggestion is included in proposed amendments to the insolvency code.
Bringing Deals to Fruition
The proposed move is expected to provide relief to thousands of homebuyers threatened with the prospect of seeing their money going u…
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