The Insolvency and Bankruptcy Board of India (IBBI) has opined that sector-specific amendment cannot be done to the Insolvency and Bankruptcy Code (IBC), said government sources.
They also ruled out any new provisions to protect homebuyers of real estate firms such as Jaypee Infratech and Amrapali Silicon City project.
The housing ministry had recommended amendments to IBC to protect homebuyers, and is in touch with the ministry of corporate affairs. The IBBI is the supreme body dealing with IBC.
The recent National Company Law Tribunal (NCLT) order rules out any vulnerability of homebuyers of real estate companies undergoing bankruptcy proceedings, said a government official who was a part of the deliberations on IBC.
In an order in the P…