STATUS OF HOMEBUYERS AS FINANCIAL CREDITORS: STUDYING THE IBC AMENDMENT ORDINANCE, 2018
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https://doi.org/10.55662/Keywords:
Homebuyers, IBC, insolvency, debtors, default, amendment, ordinanceAbstract
Delay in the delivery of property despite having paid the money is becoming a common problem nowadays especially for those who have put their hard earned money and limited means into buying a home. Though for a long time there was no direct and concrete solution to this issue, the IBC Amendment Ordinance, 2018 provides a recourse in the form of allowing homebuyers to initiate insolvency proceedings against debtors. However, is merely upholding the validity of such a provision enough to ensure that all what has been lost will find a way back to these homebuyers? Is it possible for lakhs of aggrieved homebuyers to come together to initiate insolvency resolution proceedings against the defaulters? Will such a change be practically viable? These are all questions that still remain unanswered. This paper aims to look at the implications of the recourse at hand and examine whether the amendment undertaken has actually put an end to the woes of these homebuyers.
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