Corporate insolvency resolution process of stressed real estate developers could see an overhaul with the Insolvency and Bankruptcy Board of India (IBBI) toying with the idea of putting in place a separate regulatory framework for home-buyers under the Insolvency and Bankruptcy Code (IBC).
Against this backdrop, Shailesh Poria, Partner at Economic Laws Practice (ELP) has been quoted by BusinessLine in their article titled ‘IBBI invites suggestions on separate regulatory framework for home-buyers under IBC’. He says, “Home – buyers have long been at the receiving end of developers being admitted into insolvency. While the SC elevated their status as financial creditors, thereby giving home – buyers a seat on the COC, there was much left to be desired, particularly given the inherent complexities involved in the corporate insolvency resolution of a real estate developer.”
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