The principle view in filing the instant petition is that lakhs of homebuyers in thousands of projects can lose their life-savings, hard-earned money and moneys obtained through bank/institutional loans due to the operation of Insolvency and Bankruptcy Code, the plea said
At a time when home buyers Vs builders cases are piling up in the Supreme Court and real estate giants like Unitech, Supertech, Amrapali and Jaypees coming under fire from the apex court, a fresh plea has been filed in the Supreme Court seeking protection of the rights and financial interests of lakhs of home buyers.
The plea specifically seeks rules for protection of home buyers once insolvency proceedings are initiated against real estate firms by banks and financial in…
Read the full article at: http://www.livelaw.in/sc-hear-fresh-plea-seeking-safeguarding-rights-interests-home-buyers-oct-6/