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Insolvency and Bankruptcy Code

Insolvency and Bankruptcy Code (IBC) – Homebuyers Filed More than 1800 Cases

Since June 2018, over 1800 cases have been filed by home buyers against builders as per the Insolvency and Bankruptcy Code (IBC), according to the government on Lok Sabha. As on September 30, these are simply the number of cases which have been held pending before the NCLT (National Company Law Tribunal).

Anurag Singh Thakur, Minister of State for Corporate Affairs has shared this information from NCLT. He said 1821 cases in total have been filed under the Code by the home buyers against builders.

The minister replied on the matter of whether the government knows about the root cause of pending cases at the tribunal and why there are so many cases being filed against builders by the homeowners for minor defaults. He added, “The matter is being discussed by the corporate affairs ministry.” Data about the cases filed for defaults within a month has not been made available with the tribunal, according to him.

 

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