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Homebuyers may get a say in insolvency proceedings for real estate companies.

MUMBAI: Homebuyers could be treated on a par with unsecured financial creditors at insolvency proceedings for real estate companies.

If adopted, the move will cheer those who have acquired residences from companies such as Jaypee Inftratech, Unitech, and Amrapali and find themselves at the back of the queue when it comes to seeking recompense.

This is among proposals made by a committee tasked with reviewing the Insolvency and Bankruptcy Code (IBC) and under consideration by the government, said two senior officials aware of the development.

VOTING RIGHTS - Thousands have been left in the lurch after Jaypee Inftratech and Amrapali were referred to the NCLT by IDBI Bank and Bank of Baroda, respectively after they failed to pay their dues. Besides this, the ministry of corporate affairs has moved the bankruptcy court to take control of realtor Unitech.

Source - India Times

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