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Cabinet may pass ordinance to protect home buyers

New Delhi: The Union Cabinet at its meeting on Wednesday may pass an ordinance to bring about changes in the Insolvency and Bankruptcy Code (IBC) in a bid to provide relief to home buyers stuck in incomplete real estate projects against which insolvency proceedings are currently under way.

New Delhi: The Union Cabinet at its meeting on Wednesday may pass an ordinance to bring about changes in the Insolvency and Bankruptcy Code (IBC) in a bid to provide relief to home buyers stuck in incomplete real estate projects against which insolvency proceedings are currently under way.

Reports suggested that the government may clear the changes which are based on the recommendations of a high-level Law Committee which was chaired by Secretary, Ministry of Corporate Affairs, Injeti Srinivas. The committee had submitted its report last month. TNS

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