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The insolvency regulator through its 12th February notification had introduced 12 key amendments to overall liquidation regulations by which the homebuyer's property will be kept out of the insolvency proceedings

Here's how the latest amendment in insolvency and bankruptcy law will benefit homebuyers

<h2>The insolvency regulator through its 12th February notification had introduced 12 key amendments to overall liquidation regulations by which the homebuyer's property will be kept out of the insolvency proceedings</h2>

The latest amendment by Insolvency and Bankruptcy Board of India has come as a relief for homebuyers. As per the amendment, if the promoters of a housing project face insolvency and liquidation, homebuyers&rsquo; property will be kept out of the process.
<h3>Homebuyer's property protected</h3>
The amendment has cut the legal wrangle for homebuyers giving them a significant say in the liquidation process. With this change in law, the allottees of a real estate project would have first charges on the property.
&ldquo;For the purposes of clause (e) of sub-section (4) of section 36, wherever the corporate debtor has given possession to an allottee in a real estate project, such asset shall not form a part of the liquidation estate of the corporate debtor,&rdquo; an IBBI notification said
Also Read: <a href="https://www.editorji.com/business-news/economy/dda-offers-flats-on-discounted-rates-to-woo-potential-buyers-1707303332631">DDA offers flats on discounted rates to woo potential buyers</a>
The insolvency regulator through its 12th February notification had introduced 12 key amendments to overall liquidation regulations to streamline the process, bringing in more transparency.
Last year, the insolvency regulator had proposed &nbsp;compulsory registration of all real estate projects undergoing corporate insolvency resolution with the regulator by the insolvency professionals, pushing for increasing the role of RERA.&nbsp;
&nbsp;

Coffee Day Global faces corporate insolvency after NCLT admits the company based on IndusInd Bank's petition

Coffee Day Global, operator of Cafe Coffee Day, facing insolvency proceedings

Coffee Day Global faces corporate insolvency after NCLT admits the company based on IndusInd Bank's petition

Coffee Day Global, the operator of Cafe Coffee Day chain, has found itself in troubled waters as it faced corporate insolvency last week.
The coffee giant's financial woes came to light after IndusInd Bank filed a petition with the National Company Law Tribunal (NCLT), leading to the company's bankruptcy process, according to a report by Economic Times.
The Bengaluru Bench of the bankruptcy court directed Coffee Day Global for corporate insolvency after negotiations between the company and IndusInd Bank fell through, as revealed by ET
An official order issued by NCLT stated that Skanda Legal and Tatva Legal are representing the applicant and respondent in the case.
Earlier this year, in January 2023, Coffee Day Global was slapped with a hefty fine of ₹26 crore by the Securities and Exchange Board of India (SEBI).
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The penalty was imposed due to the company's alleged diversion of funds from its subsidiaries to a company affiliated with its promoters.
SEBI's investigation found that a staggering sum of ₹3,535 crore had been diverted from seven subsidiaries of Coffee Day Enterprises Ltd (CDEL) to Mysore Amalgamated Coffee Estates Ltd, a company linked to CDEL's promoters.
The Coffee Day group, which was established in 1993 through Coffee Day Global Limited, has a diverse business portfolio spanning various aspects of the coffee industry, including procurement, processing, and roasting of coffee beans.

The government has again extended the suspension of fresh proceedings under the insolvency law by three more months, starting December 25.&nbsp;
Fresh insolvency proceedings were suspended&nbsp;from March 25 due to the disruptions caused by the&nbsp;coronavirus&nbsp;pandemic. Initially, the suspension&nbsp;was for six months starting from March 25 and then, it was extended by three months.&nbsp;
The corporate affairs ministry took this step to provide relief for companies reeling under the impact of the pandemic.&nbsp;A bill to amend the Insolvency and Bankruptcy Code was cleared by Parliament in September.

Govt extends suspension of fresh insolvency proceedings

The government has again extended the suspension of fresh proceedings under the insolvency law by three more months, starting December 25.&nbsp;Fresh insolvency proceedings were suspended&nbsp;from March 25 due to the disruptions caused by the&nbsp;coronavirus&nbsp;pandemic. Initially, the suspension&nbsp;was for six months starting from March 25 and then, it was extended by three months.

The government has again extended the suspension of fresh proceedings under the insolvency law by three more months, starting December 25.&nbsp;
Fresh insolvency proceedings were suspended&nbsp;from March 25 due to the disruptions caused by the&nbsp;coronavirus&nbsp;pandemic. Initially, the suspension&nbsp;was for six months starting from March 25 and then, it was extended by three months.&nbsp;
The corporate affairs ministry took this step to provide relief for companies reeling under the impact of the pandemic.&nbsp;A bill to amend the Insolvency and Bankruptcy Code was cleared by Parliament in September.

insolvency

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