Buyers of undelivered flats can now seek claims from an insolvent company under the revised regulations of insolvency law.
IBBI (The Insolvency and Bankruptcy Board of India) on Wednesday night added a form-F for homebuyers. Earlier the homebuyers didnt have a specific form to be filled up to claim refund from a builder. The government added it after the homebuyers protests. Now, there is no confusion on filing claims. Earlier, the buyers were filling claims in Form C under financial creditors, said Pawan Chaturvedi, lawyer with Delhi High Court and expert in insolvency and bankruptcy code and real estate.
Till now, only financial and operational creditors were permitted to seek claims under the Insolvency and Bankruptcy Code (IBC).
Under…
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