The Insolvency Law Committee in its review of the operations of the Insolvency and Bankruptcy Code (IBC) has sought to give a voice to stressed-out homeowners where the developer is going through a bankruptcy resolution process. However, the relief for stranded homebuyers is limited.
They get a seat in the Committee of Creditor that decides on the resolution process, albeit as “unsecured” financial creditors. What this means is that financial creditors will get the first right in the debt servicing waterfall among creditors. The turn of unsecured financial creditor will come ...
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First Published: Sun, April 29 2018. 20:34 IST
