Experts laud equal footing to homebuyers and unsecured lenders under IBC

Close to 31,000 homebuyers of Jaypee Infratech and 41,000 of Amrapali's Silicon City project have appealed to the Supreme Court

The proposal to treat homebuyers at par with unsecured lenders will go a long way in protecting their interests, said real estate experts.

A committee tasked with reviewing the Insolvency and Bankruptcy Code (IBC) has mooted this proposal and under consideration by the government, reports said today.

“Treating homebuyers at par with unsecured financial creditors will be a good move to ensure that homebuyers also have a say in the entire insolvency proceedings of a real estate developer. If this proposal comes into force, developers will be prevailed upon to take their customers very seriously, and this will further infuse a seriously-required