Supreme Court upholds amendments to Insolvency Code

Supreme Court on Friday upheld amendments to Insolvency and Bankruptcy Code (IBC), giving status of financial creditors to homebuyers. 

A bench heed by Justice R F Nariman, which disposed of a batch of over 180 petitions filed by various builders, said RERA act which regulates real estate sector should be re harmoniously with amendments me in IBC and in case of conflict code will prevail.

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bench said only genuine homebuyers can invoke insolvency proceedings against builder and asked Centre to file an affidavit taking corrective measures.

judgement came on a batch of pleas filed by builders who have argued that remedies to homebuyers were available under RERA Act and amendments to IBC only enables duplication. 

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