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The Union Cabinet on Wednesday accepted proposed changes to the newly implemented Insolvency and Bankruptcy Code (IBC) via an ordinance and provided relief to homebuyers who will be at par with banks and will be considered as financial creditors during the resolution process. Changing some of the earlier norms, the cabinet approved two key predicaments that were heavily criticised in the past by the stakeholders. Homebuyers will now get an added advantage as they would not be standing last in the queue when it comes to recovering dues. While a formal communication is awaited, it is certain that homebuyers will now be considered equally important as banks. This is a major relief to lakhs of homebuyers who were waiting to recover their dues or flat from bankrupt builders. more
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NDA is really working for the people but it is being downed with false propaganda by the opposition. When this selfishminded politicians will think for the people of India. more
Jun 03
Government is modifying the rules and the builders with the help of Lawyers are finding loop holes in the law and taking advantage. Let the administration step in and make the process easy. more
May 24
Very good move, very badly needed and appreciate if option and opportunity is there add a clause that "In such case Let Banks have the rights to recover from Builder directly because we buy Homes based on the confidence that Banks approved the Project/s". So banks will more cautious while approving the properties and on the whole all will be in a better position in all the bad situations. more
May 24
