No Risk while You are Investing, Builder goes Bankrupt You will be Covered
A Firm Step by the Insolvency & Bankruptcy Board of India
Good news for all the home buyers. The Insolvency & Bankruptcy Board of India (IBBI) has added the rule to mandate that any resolution plan in any company has to clearly state how it has dealt with interests of all the stakeholders.
This move basically planned to protect the interests of home buyers who invest in their dream home because there are builders who try to mug off the investors and this has actually impelled the top notch board to take such effective decision in favor of all the home buyers who put all their hard earned money to buy a dream home.
So no fallacy and no wrong activity are going to a part of real estate.
DLF LTD, Tata housing, Vatika, Adani Developer, Central Park and more builders are the cynosure of Real Estate industry and along with this, there are many more builders who might create whole tension, but such steps will eradicate this activity.
Further, this step will ensure that any creditor or bank do not kick out by protecting their interests at the expense of others and especially who are impacted by the action.
It is considered that banks are part of the creditors’ committee, holding a pivotal role in making the key decision after a company is admitted for bankruptcy.
This step will surely eliminate the gap of fear because home buyers also feel that there is nothing to safeguard their capital once invested for the property.
The government and Insolvency & Bankruptcy Board ensure that there is complete ease in real estate and anyone facing problem can file a case and the step will be taken against it.
Yes, there are famous properties in India whose impact is indelible, but that fear is still there in the minds of home buyers.