A person who has to receive a payment from an insolvent company can now seek the claim under the insolvency law as the revised regulations have enabled owners of undelivered flats to get relief.
Till now, only financial and operational creditors were permitted to seek claims under the Insolvency and Bankruptcy Code (IBC).
The revised regulations come at a time when a large number of flat buyers have been left in the lurch, especially in the National Capital Region (NCR), due to long delay in deliveries amid the developers citing fund crunch.
The Insolvency and Bankruptcy Board of India (IBBI), which is implementing the Code, has amended the regulations whereby claims can be made by creditors other than financial and operational cred…
Read the full article at: http://economictimes.indiatimes.com/news/economy/policy/not-just-banks-and-firms-even-home-buyers-can-claim-their-money-under-new-bankruptcy-law/articleshow/60103489.cms