NEW DELHI: Discrepancies in the insolvency and the bankruptcy code was one of the missing links in the debt recovery regime of our country. After much deliberation, the Insolvency and Banking Code, 2016, was introduced to create a balance in the rights between creditors and borrowers and strengthen the position of creditors, as it appeared that the legal regime was supportive of defaulters by giving them a long rope in the recovery process.
The unintended consequence of this has been for special cases like real estate where it is not only the debtor who is affected by a creditor’s actions but it is also a third party — homebuyers – who’s interest is also affected.
Magicbricks held a webinar with senior lawyer and Partner, …
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/9-facts-you-did-not-know-about-insolvency/articleshow/61236547.cms
