Moneycontrol News
The big development over the week has been on the real estate front. In a move that would worry homebuyers, one of the large developers, Jaypee Infratech was declared insolvent by the National Company Law Tribunal (NCLT), causing ripples.
Being declared insolvent means the developer would be able to avoid the stringent provision of the new Real Estate (Regulation and Development) Act 2016 (RERA).
Is there a likelihood of more developers seeking insolvency given the large debts that some of them have piled up over the years? Earth, Era and Gardenia have expressed their inability to pay up their debts. Read if companies declared insolvent will be out of the RERA ambit.
If you are one of the 40,000 unfortunate…
Read the full article at: http://www.moneycontrol.com/news/business/companies/this-week-in-personal-finance-jaypee-insolvency-rattles-homebuyers-2364401.html