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RELIEF FOR HOME BUYERS: GOVT OF INDIA MULLS QUICKER RESOLUTION OF BUILDERS’ INSOLVENCY

RELIEF FOR HOME BUYERS. GOVT OF INDIA MULLS QUICKER RESOLUTION OF BUILDERS’ INSOLVENCY

The proposed change to the Insolvency and Bankruptcy Code will permit resolution of the cases on a project-wise basis

India plans to introduce new rules for handling real estate bankruptcies, which would help homebuyers even as their builders wind down, people familiar with the matter said.

The proposed change to the nation’s Insolvency and Bankruptcy Code will permit resolution of the cases on a project-wise basis, the people said, asking not to be named, as the information is not public. That will allow handing over completed apartments to the home buyers even when the developer’s insolvency process is underway………..

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