India Mulls Rules for Quicker Resolution of Builders’ Insolvency
- Many developers in country moved to bankruptcy in recent years
- The move will give respite to aggrieved home buyers: officials
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India plans to introduce new rules for handling real estate bankruptcies, which would help homebuyers even as their builders wind down, people familiar with the matter said.
The proposed change to the nation’s Insolvency and Bankruptcy Code will permit resolution of the cases on a project-wise basis, the people said, asking not to be named, as the information is not public. That will allow handing over completed apartments to the home buyers even when the developer’s insolvency process is underway, they said.