Landmark judgement upholds homebuyer’s status as financial creditors to developers
RERA & IBC sister acts, says SC Team TT Dismissing the plea of over 200 real estate companies holding the Insolvency and Bankruptcy Code (IBC) illegal and unconstitutional, a Supreme Court bench headed by Justice RF Nariman upheld the right of homebuyers for redressal under the new Code. In effect homebuyers will be considered financial creditors to the real estate companies and can take recourse to the IBC against defaulting developers. The Bench in its judgement on August 9, held that the RERA Act, which regulates the real estate sector,…
Good news for homebuyers
Ordinance to amend IBC to put them on par with financial firms to demand dues from builders. For long at the end of the queue when it came to getting their dues from real estate firms, aggrieved homebuyers will now have a place at the table when it comes to deciding on insolvency of real estate firms Hyderabad, May 24 There is good news on the horizon for potential homebuyers who have been aggrieved because of recalcitrant real estate firms. The Union cabinet on Wednesday approved an ordinance to amend the Insolvency and Bankruptcy Code (IBC)…
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