The Court also asked the interim resolution professional (IRP) in the case to take over its management and work out a plan to protect the interests of homebuyers and creditors. Illustration: C R Sasikumar
The initiation of insolvency process in the case of Jaypee Infratech and other real estate companies has brought to light a potential loophole in the Insolvency and Bankruptcy Code (IBC) 2016 that it overlooks the interests of the buyers who have booked the property but are yet to get it registered in their names. In such a case, the IBC does not provide any remedy to the hom…
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