Insolvency proceedings: Amend laws to recognise the concept of buyer's lien

The Sale of Goods Act of British Columbia (Canada) expressly recognises buyer's lien in circumstances in which goods have been acquired

Insolvency proceedings initiated against Jaypee Infratech and Amrapali Group companies only scratch the surface of the problems that lie in the underbelly of the Indian real estate sector. An estimated 1 million homebuyers may be stuck with ongoing housing projects, where either construction is stalled or moving at a snail's pace. In some cases, the corporate entity undertaking the project is on the brink of facing insolvency proceedings.
 
Despite being recent enactments, neither the Real Estate (Regulation and Development) Act (RERA) nor the Insolvency and Bankruptcy Code (IBC) sufficiently addresses the concerns of homebuyers as regards ongoing projects. The