New Delhi: The Supreme Court on Friday upheld amendments to the Insolvency and Bankruptcy Code (IBC), giving status of financial creditors to homebuyers.
A bench headed by Justice R F Nariman, which disposed of a batch of over 180 petitions filed by various builders, said the RERA act which regulates the real estate sector should be read harmoniously with the amendments made in the IBC and in case of conflict the code will prevail.
The bench said only genuine homebuyers can invoke insolvency proceedings against the builder and asked the Centre to file an affidavit taking the corrective measures.
The judgement came on a batch of pleas filed by builders who have argued that remedies to homebuyers were available under the RERA Act and the amendments to IBC only enables duplication.
Why news media is in crisis & How you can fix it
India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.
But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle.
ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here.