NEW DELHI: Home buyers can now seek relief as financial creditors from bankrupt builders, and resolution professionals will have to determine within a stipulated time whether a corporate debtor undergoing bankruptcy resolution had indulged in a fraudulent transaction.
The Insolvency and Bankruptcy Board of India (IBBI) has notified revised regulations for insolvency law, incorporating the amendments made through an ordinance last month. The amended law has placed home buyers on par with other creditors and allowed withdrawal of insolvency proceedings under certain conditions.
The regulations provide for a model timeline of the corporate insolvency resolution process so that the 180-day timeline is met for resolving a bankruptcy case un…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/home-buyers-on-par-with-other-creditors/articleshow/64863338.cms
