By Aishwarya Bagri
Should homeowners be treated as financial creditors in the real estate sector? This was the question that the Insolvency Law Reforms Committee recently addressed. Set up in December 2017, the 14 member committee has published a 106 pages long report, suggesting various amendments to the Insolvency and Bankruptcy Code 2016. One such amendment is that homeowners should be treated as financial creditors in the proceedings pertaining to real estate businesses. If this suggestion is implemented, homeowners could get some relief in the proceedings against unfinished real estate projects.
A good move, say experts
Initially, homeowners were placed below financial and operational creditors in th…
Read the full article at: https://qrius.com/homebuyers-as-financial-creditors-understanding-the-latest-amendment-to-the-ibc/