Modi govt may clear ordinance to help home buyers stuck with incomplete projects
The Union Cabinet on Wednesday may give its nod to an amendment to the Insolvency and Bankruptcy Code to provide relief to buyers who invested in housing projects that are still incomplete, and whose builders are facing bankruptcy, government sources said. The ordinance is aimed at clearing the conflicting provisions of the Bankruptcy Code and the Real Estate Act, which have affected home buyers' interests. A top source in the Ministry of Corporate Affairs said that in its current form, the IBC identifies home buyers as unsecured creditors. In simple terms, while financial institutions currently have the right to recover their dues during insolvency or bankruptcy proceedings, the amendment will also allow home buyers the right to get back the money they've invested.
![IBC Weekly Round-Up [17th February-23rd February 2025]](/static/images/error.jpg)
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