Recent changes to IBC bring homebuyers on par with institutional lenders

If buyers plan to move NCLT, lawyers say that it's best that they first approach the real estate regulator

The recent changes to the Insolvency and Bankruptcy Code (IBC) bring homebuyers on par with institutional lenders. The ‘financial creditor’ tag does give homebuyers a right to be part of the proceedings and fight for their interest, but it may not always work in their favour.
 
“The amendments to the IBC give homebuyers a strong avenue to seek relief. But certain areas still need clarity. In some cases, the IBC can even come in conflict with the Real Estate (Regulation and Development) Act or RERA,” says Babu Sivaprakasam, partner, Economic Laws Practice.
 
Homebuyers need to know the nitty-gritty