New amendments to IBC will protect interest of homebuyers: Centre to SC

The Centre informed the Supreme Court on Thursday that amendments to the Insolvency and Bankruptcy Code (IBC) give appropriate weightage to homebuyers to protect their interest.

The Cabinet on Wednesday cleared the amendments that seek to put in place a 330-day deadline for corporate resolution process, including litigation and other judicial processes, as well as make resolution plan binding on all stakeholders.

The Centre told this to a bench comprising justices A M Khanwilkar and Dinesh Maheshwari, hearing the homebuyers matter of Jaypee Infratech Ltd (JIL).

The government said the National Company Law Appellate Tribunal, which is seized of a matter related to