 "As developers head to bankruptcy body, homebuyers left in lurch")
The Ministry of Corporate Affairs (MCA) is gearing up for some crucial amendments to the Insolvency and Bankruptcy Code (IBC) to provide more rights to individual consumers, including worried homebuyers.
Other consumers who might also benefit are telecom subscribers, said sources.
A senior official from the MCA said there was a bit of problem in ensuring that homebuyers receive a status equal to banks, as lenders will then become reluctant to lend to builders.
The Jaypee Infratech case led to these discussions in the ministry. When the company went in for insolvency proceedings, homebuyers were left in the lurch, with
