NEW DELHI: The housing and urban affairs ministry is seeking explicit protection for homebuyers hit by insolvency action against builders such as Jaypee Infratech and some of the projects of the Amrapali Group as it is not satisfied with the amendments notified last week.
“We would like to be reassured that the notification specifically covers the category of homebuyers, who are vulnerable,” a senior ministry official told TOI. The ministry has taken up the issue with the finance and corporate affairs ministries and is expecting that interests of this segment are fully protected.
On October 5, the Insolvency & Bankruptcy Board of India (IBBI) amended its rules to mandate that any resolution plan for a company has to state h…
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