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It is not a "walk" and it can be difficult for buyers to get their money back from the failing real estate players, even after being declared a financial creditor under the Property Code. Insolvency and bankruptcy, according to Judge MM Kumar. Unless the Supreme Court comes to their rescue, the risks faced by homebuyers under the IBC are numerous, Judge Kumar said, at a seminar on the restructuring of badets stressed by the Chamber of Commerce. PHDCCI trade. After being credited, under the control of the IBC (after the amendments), Judge Kumar stated that if the Supreme Court exercised its power under Article 142 of the Indian Constitution, "it could come against them. ". rescue, otherwise there are many risks, legally speaking. "
" This may not be so easy for homebuyers. "
Explain why buyers still have uncertainties in recovering their currency." According to the revised IBC, Judge Kumar said that there was a question mark on how they would be treated to secured creditors.
"Buyers, their fate even after becoming financial creditors, would still be suffixed"
As there are different types of financial creditors, the manner in which Buyers would be clbadified or should they be treated as secured creditors is questionable, added Judge Kumar. , he said that there is also a question mark on the ownership of the property, for which the buyers had paid.
"If the payment given by them (homebuyers) would be considered the legal property or the property of others?" He says:
When asked if, if it does not, There is no tripartite agreement (between the bank, the buyer and the builder), future badet sales that are mortgaged and do not occur would constitute a guaranteed badet, Judge Kumar said that it was a gray area.
"As I said, it's a gray area, buyers may not have any reasons yet to celebrate, I tell you frankly. "On May 24, the government amended the IBC allowing homebuyers to be financial creditors of the business through a prescription and yesterday the Minister of Finance of the Union, Piyush Goyal, introduced the draft Code on Insolvency and Bankruptcy (second amendment), 2018 to replace it.
Am The purpose of CIB is to relieve purchasers by recognizing their status as financial creditors, thus giving them appropriate representation and being an integral part of the Creditors Committee (CoC).
Jaypee Infratech, a subsidiary of Jaiprakash Associates, the group's flagship company Jaypee, develops approximately 32,000 apartments, of which it has delivered 9,500 apartments.
Jaypee Infratech indebted near Rs 9,800 crores, of which 4,334 crores relate to IDBI. NCLT has already admitted the insolvency appeal against it.
In addition, homebuyers of the Amrapali group are also faced with a similar situation after NCLT admitted an insolvency proceeding against the company.
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