The Insolvency and Bankruptcy Board of India has amended rules to ease homebuyers’ woes in stalled real estate projects, allowing them to take possession while resolution is underway.
New Delhi, Feb 5 (PTI) The Insolvency and Bankruptcy Board of India has amended rules to allow distressed homebuyers to take possession of their properties while the resolution process is ongoing.
The amendments, notified on February 3, and effective immediately, aim to enhance efficiency in insolvency proceedings, particularly for real estate projects, by introducing measures such as appointing facilitators, involving land authorities in the process, and ensuring better monitoring of resolution plans, according to an official release.
The Insolvency and…
