Your Home Your Power Ordinance gives buyers relief; you can now sue your builders
By : NewsX
Published On: 2018-06-08
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President Ramnath Kovind has given his nod to the promulgation of an ordinance amending the insolvency law, recognising homebuyers as financial creditors to real estate developers. The amended laws will help the home buyers to get their money back in case the rela estate companies goes for liquidation. Earlier if a company declares itself bankrupt and goes for liquidation, the cost recovered from the process was used to compensate the investors leaving no scope for the buyers to recover their money. But with the new laws now home buyers will also be considered as the creditor in company and their monetary losses will also be adjusted.
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