The long wait is finally over. More than a month after classifying home buyers as financial creditors, the insolvency regulator IBBI has now spelt out the mechanism, albeit indirectly, through which these home buyers voice would be heard in the committee of creditors.
The Insolvency and Bankruptcy Board of India (IBBI) has made changes to the Corporate Insolvency Resolution Process (CIRP) regulations to provide this new mechanism.
With instances of several hundreds of home buyers getting aggrieved over non delivery of flats by developers within stipulated time coming to the fore, a mechanism was needed for their representation in CoC under the corporate insolvency process. This problem now stands resolved.
The new mechanism without direc…
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