The Insolvency and Bankruptcy Board of India (IBBI) has amended rules to mandate that any resolution plan for a company has to explicitly state how it has dealt with the interests of all stakeholders. Insolvency experts have said that in case of real estate disputes, this will protect the rights of homebuyers who have invested their hard earned money in housing projects. However, homebuyers are unhappy and have termed it a cosmetic modification and say that this does not provide them meaningful protection.
The ministry of housing and urban affairs is also not satisfied with the amendments and has taken up the issue with the financial and corporate affairs ministries and has said that the rules should provide for more spec…
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