{"id":537,"date":"2018-10-24T16:34:33","date_gmt":"2018-10-24T16:34:33","guid":{"rendered":"https:\/\/koltepatil.com\/blog\/?p=537"},"modified":"2026-03-29T04:51:52","modified_gmt":"2026-03-29T04:51:52","slug":"insolvency-and-bankruptcy-code-ibc-a-boon-for-homebuyers","status":"publish","type":"post","link":"https:\/\/www.koltepatil.com\/blog\/2018\/10\/24\/insolvency-and-bankruptcy-code-ibc-a-boon-for-homebuyers\/","title":{"rendered":"Insolvency And Bankruptcy Code (IBC) \u2013 A Boon For Homebuyers"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 ez-toc-wrap-left-text counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd9933;color:#dd9933\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd9933;color:#dd9933\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www.koltepatil.com\/blog\/2018\/10\/24\/insolvency-and-bankruptcy-code-ibc-a-boon-for-homebuyers\/#How_IBC_Homebuyers_Rights_Protect_Your_Investment\" >How IBC Homebuyers Rights Protect Your Investment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www.koltepatil.com\/blog\/2018\/10\/24\/insolvency-and-bankruptcy-code-ibc-a-boon-for-homebuyers\/#Key_Amendments_Every_Homebuyer_Should_Know\" >Key Amendments Every Homebuyer Should Know<\/a><\/li><\/ul><\/nav><\/div>\n<div id=\"bsf_rt_marker\"><\/div>\n<p>The <strong>IBC homebuyers rights<\/strong> amendment has been a landmark move by the Government of India. The recently amended Insolvency and Bankruptcy Code (IBC) 2016 safeguards the rights and interests of homebuyers, putting them on the same footing as other stakeholders in a real estate project. This initiative has come as a significant relief for property buyers across the country.<\/p>\n\n\n\n<p>As per the latest amendment to the IBC, homebuyers have been given the status of \u201cfinancial creditor\u201d. This amendment has been made in view of the fact that homebuyers raise money as a means to finance the construction of the project, and thus they should be treated as any other financial creditor.<\/p>\n\n\n\n<p><strong><span class=\"has-inline-color has-luminous-vivid-amber-color\">Benefits to the homebuyer<\/span><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_IBC_Homebuyers_Rights_Protect_Your_Investment\"><\/span>How IBC Homebuyers Rights Protect Your Investment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are many ways in which homebuyers stand to benefit by their ascendance to the status of \u201cfinancial creditor\u201d. For one, this will help homebuyers who are affected because of incomplete or abandoned real estate projects by spurious developers. Nearly 30 per cent of real estate projects in India are delayed due to various reasons, a common one being that the developer is in a debt trap. This affects homebuyers in severe ways, as they have put their life savings towards this project and continue to pay the EMI with no sign of completion of the project.<\/p>\n\n\n\n<p>With this amendment in the IBC, the homebuyer as financial creditor has the right to invoke Section 7 of the IBC against an errant developer. Homebuyers can now file an application seeking resolution for insolvency under the Corporate Insolvency Resolution Process (CIRP). As a result of this amendment, homebuyers can also expect fast tracking of pending court cases against leading real estate groups.<\/p>\n\n\n\n<p>After the implementation of RERA last year, the government has taken yet another important step to safeguard the rights and interests of homebuyers. With this added layer of security, making home purchases has become a safer and better prospect.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Amendments_Every_Homebuyer_Should_Know\"><\/span>Key Amendments Every Homebuyer Should Know<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Buying a home with Kolte-Patil Developers is a reliable and hassle-free process. Kolte-Patil delivers quality homes, on time, every time. Looking to invest in a <strong><a href=\"https:\/\/www.koltepatil.com\/pune\/residential-properties\/ongoing\/ivy-estate\/ivy-nia\">residential apartment in Wagholi<\/a><\/strong>? Explore 3 RLK apartments in Pune\u2019s most sought-after investment destination, Wagholi, at&nbsp;<a href=\"https:\/\/www.koltepatil.com\/pune\/residential-properties\/ongoing\/ivy-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Kolte-Patil\u2019s Ivy Estate<\/a> (The project has been registered via MahaRERA registration number <strong>P52100001066<\/strong>).<\/p>\n\n\n\n<p>The IBC amendments ensure that homebuyers are treated as financial creditors, giving them a seat at the committee of creditors. This means homebuyers now have voting rights in the insolvency resolution process of a defaulting developer. The move has significantly strengthened buyer confidence in the Indian real estate market and encouraged more transparent dealings between developers and customers.<\/p>\n\n\n\n<p>Invest with confidence in <a href=\"https:\/\/www.koltepatil.com\/pune\">Kolte-Patil projects in Pune<\/a> from a trusted RERA-registered developer. Verify registrations on <a href=\"https:\/\/maharera.maharashtra.gov.in\/\" target=\"_blank\" rel=\"noopener\">MahaRERA<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IBC homebuyers rights amendment has been a landmark move by the Government of India. The recently amended Insolvency and Bankruptcy Code (IBC) 2016 safeguards the rights and interests of<a class=\"read-more\" href=\"https:\/\/www.koltepatil.com\/blog\/2018\/10\/24\/insolvency-and-bankruptcy-code-ibc-a-boon-for-homebuyers\/\">Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":538,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[54,52,53,48],"tags":[],"class_list":["post-537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-buying-process","category-property-investment-guide","category-real-estate-news","category-real-estate-trends"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IBC Homebuyers Rights: How the Bankruptcy Code Protects You | Kolte-Patil<\/title>\n<meta name=\"description\" content=\"Learn how IBC homebuyers rights protect property buyers under the Insolvency and Bankruptcy Code. 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