Good news has come for home buyers. Now while the resolution process continues, they will get the possession of the house. This means that home buyers will not have to wait until the resolution process is over to take household possession. For this, the Insolvency and Bankruptcy Board of India (IBBI) has changed the rules. IBBI notified this change on 3 February. This change has come into force with immediate effect.
Millions of home buyers will get relief
Ibbi This step of millions of home buyers (Home Buyers) Will benefit. Currently, the ongoing insurance process against real estate company (Insolvency Process) He used to get household possession only after finishing. It used to take a long time. Till then the house buyer had to face a lot of difficulty. He does not even know how long it will take to complete the insolvency process. Changes in the rule have removed this difficulty of home buyers.
Physics will also be found in case of plot
IBBI has made several changes in the rules related to corporate insolvency resolution process. The most important change in these is that the resolution professionals have been given the right to give possession of the plot, apartments or buildings to the buyer during the continuation of the resolution process. For this, after completion of all the formalities, the resolution professional will have to take the approval of the Committee of Creditors (COC). The real estate project usually takes a long time to complete the resolution process.
Home buyers’ share will increase in resolution process
IBBI has also taken a second major decision for home buyers. Now there will be facilitators to help big credits like home buyers. They will ensure a greater share of home buyers in the resolution process. These Facilitators will serve as intermediates between authorized representatives and creditors. With this, all the information related to the process of insolvency will be available.
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Land authorities will also be called to the meeting
Now the Committee of Creditors will be able to invite land authorities like NOIDA and Huda to make the resolution process more effective. These authorities will give their opinion on regulator and issues related to land development. This will increase the trust of all parties including home buyers in the resolution process. Realty sector experts say that these decisions of IBBI will give home buyers a lot.