In a significant development for the real estate sector, the Insolvency and Bankruptcy Board has declared that allotted flats will not be part of the liquidation process. This groundbreaking amendment, as quoted by our partner Asha Kiran Sharma in an article featured on Hindustan Times, brings much-needed relief to homebuyers navigating matters under the Insolvency Code.
In the quoted statement, Asha Kiran Sharma emphasized the universal applicability of this amendment, covering both current and future corporate debtors. The implementation date is set for February 12, 2024, making it retroactively effective and extending its impact to all individuals in the housing sector currently facing challenges under the Insolvency Code.
This development marks a crucial step towards protecting the interests of homebuyers and providing them with the assurance that their allotted flats are safeguarded from the liquidation process.
