New Delhi, August 10, 2019: The Hon’ble Supreme Court’s decision is a positive decision and we welcome the same. While giving home buyers status of financial creditors, on par with creditor banks, the effect will be beneficial to both lenders and the consumer, as it will help completion of delayed projects.
In a scenario of liquidity crisis where NBFCs have been impacted, this judgment will set ground to find a remedy in all those projects which have been delayed and builders are unable to complete the construction. This decision will allow projects to get to the logical ending in terms of completion of the projects without getting foreclosed by banks
The law of IBC is very progressive in nature and it has the potential to restructure the real estate industry.
Corporate Comm India (CCI Newswire)
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