HOME-BUYERS RECOGNIZED AS FINANCIAL CREDITORS

PRESIDENT PROMULGATES INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) ORDINANCE, 2018; HOME-BUYERS RECOGNIZED AS FINANCIAL CREDITORS

Homebuyers will now be recognized as financial creditors, with the promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. The recognition would give them due representation in the Committee of Creditors, and would also enable them to initiate corporate insolvency resolution process under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against errant developers.