The recognition of home buyers as financial creditors under the bankruptcy law may well turn out to be the most important legal development ever in India’s real estate industry. It is likely that it will have a deeper, more positive and immediate impact than the Real Estate Regulation Law, passed last year. The reason for this is that the ‘Insolvency and Bankruptcy Code Amendment Ordinance, 2018’ can solve what is the biggest problem that existing home buyers are facing today and unlike RERA can do so on a retrospective basis for existing victims of developers.

Source - https://economictimes.indiatimes.com