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Home Buyers To Be Treated As Financial Creditors-Chaos In The Situation.

Courtesy/By: Kritika Mehandiratta | 19 Sep 2018

Uncertainty has prevailed in the issue of voting rights available to home buyers in the real estate companies, in spite of the fact that a circular has been issued by the Insolvency and Bankruptcy Board of India, which says that only those who have submitted the claims to their property will be treated as the part of electoral college to vote on a resolution.

Recently, the government has ruled that the home buyers must be treated as financial creditors. This decision has proved to be a problem in the case where decision has to be taken for deciding the new home buyer for the company, which requires 66% votes. The case of JaypeeInfratech could be highlighted here, where less than 7000 home buyers voted. It was observed that this could defeat the purpose of resolution.

It has been further revealed by the sources that the home buyers do not file the claims in the first round and only some of them do so in the second round. Even some of the financial institutions argued that the claims have been admitted already.

Thus, to the rescue the IBBI has suggested that only those persons must be considered as members of the committee of creditors who have filed their claims, which will result in reducing the vote to a target of 66%. However, this would not be easy task in a one-day voting process. It is therefore the need of the hour that the law must be amended.

Courtesy/By: Kritika Mehandiratta | 19 Sep 2018