Developers resent buyers filing cases under IBC4 min read 25 Nov 2019, 11:41 AM IST
Developers have asked for amendments to IBC so that a single homebuyer can’t move NCLT against a developer; homebuyers call request unnecessary
Many insolvency cases have been filed under IBC until now, but few have seen successful resolution
Ever since homebuyers were given the status of financial creditors under the Insolvency and Bankruptcy Code (IBC), a lot of them have moved the National Company Law Tribunal (NCLT) against the developers of stalled and delayed projects. “Since June 2018 (after getting the financial creditor status), a total 1,821 cases have been filed by homebuyers against builders under the code," said minister of state for corporate affairs Anurag Singh Thakur last week, in Parliament.
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