Indian buyers who wait for their homes for years after a developer goes bankrupt have a reason to hope: they can now get their properties even as the case winds through courts.
The Insolvency and Bankruptcy Board of India (IBBI) has amended its regulations, allowing administrators of bankrupt real estate companies to hand over plots, apartments or buildings to owners even while the debt resolution process is still on.
Owners, however, must have met the terms of their purchase contract and will need two-thirds of the lenders to the insolvent builder to agree, the IBBI said on Tuesday. “Thus, the distressed homebuyers would not have to wait for long periods in order to…
