Not so long, all the creditors, as well as the debtors were welcoming the move of the legislature in introducing the now most complicated Insolvency and Bankruptcy Code, 2016 (Code) but now everybody has realized that the code which is well defined procedurally is actually having many issues which need to be settled. The most discussed among others is the place of “property buyers/home buyers” and where they stand on the list of creditors of any entity against whom the Corporate Insolvency Resolution Process has been triggered.
In the nascent stage, when the Code was introduced there were many home buyers who like any other creditor thought the Code is there to give them a relief, from the prolonged battle they are fighting with the Bui…
Read the full article at: http://www.businesstoday.in/opinion/columns/the-confusion-around-status-of-home-buyers-under-bankruptcy-law/story/260835.html