IBC Amendments, 2020: Detrimental to the Interests of Homebuyers
The Author is Aakash Kumar pursuing B.A. LL.B. (Hons.) from Dr. Ram Manohar Lohiya National Law University, Lucknow. He is currently in 4th year of study and have keen interest in researching.
Since its enactment, Insolvency and Bankruptcy Code, 2016 has gone through many amendments. Before, the Code was enacted, Homebuyers came under the ambit of Consumers under the Consumer Protection Act, 1986. They had to approach Consumer Forum for seeking redressal to their grievances due to which they had to go through long lasting litigation. But the Government in order to provide robust mechanism for addressing the homebuyers’ grievances introduced Real Estate (Regulation and Regulation) Act, 2016 on 25th March, 2016 which aims to regulate and promote real estate sector and safeguards the interests of Homebuyers.