The recent amendment in the Insolvency and Bankruptcy Code 2016 (IBC) has created a special status for the homebuyers as financial creditors with effect from 6 June 2018. The amendment was brought into force at a pivotal junction when the ongoing litigations in projects by Jaypee Infratech and Unitech brought to limelight the hapless situation of homebuyers and the lack of effective remedies available to them.
Associate
Vidhii Partners
Pre-amendment scenario: The Real Estate (Regulation and Development) Act, 2016 (RERA), was not in existence when the IBC was brought into force and although there were certain civil remedies available for homebuyers both under central and state laws, they were not adequate in provid…
Read the full article at: https://www.vantageasia.com/ibc-amendment-gives-voice-beleaguered-homebuyers/