Real Estate industry will have to formalise itself: Arun Jaitley

By Accommodation Times Bureau

NEW DELHI

The Union Minister, Arun Jaitley in a written article on Friday he said, the new ordinance equates an “allottee” of a “real estate project” to be a person having a commercial effect of borrowing.

After the President promulgated the IBC (Amendment) Ordinance, 2018, The official release from Ministry of Finance it elaborated the feature of a new ordinance in its IBC (Amendment) Ordinance, 2018 and the Homebuyer article.

He said, Homebuyer is now treated as a financial creditor.  He can initiate a corporate insolvency for a resolution against the errant developer.  He acquires the right to be on the committee of creditors.  He gets voting right.  He can influence the resolution process.  In the unlikely eventuality of liquidation, he stands at par with other financial creditors”.





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