Experts differ on IBBI's move to permit flat possession during insolvency

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Experts differ on IBBI's move to permit flat possession during insolvency - Business Standard

Quick Summary:

It also gives the CoC the right to invite relevant land authorities, such as the Noida Authority and Haryana Urban Development Authority (HUDA), to their meetings for inputs and perspectives on regulatory and land development-related matters.

This includes facilitating communication between the authorised representative and the creditors assigned to them, and providing information and clarifications to creditors about the insolvency resolution process.

Patel cautioned that if homebuyers take possession but the insolvency process later results in liquidation, their rights may be uncertain, potentially leading to more litigation.