Insolvency Code Amendment Passed By Lok Sabha Treats Home Buyers As Financial Creditors [Read Bill]

The Lok Sabha has passed the Insolvency and Bankruptcy Code (Second Amendment Bill) 2018. One of the significant features of the Bill is that it recognizes home buyers, who have invested money in real estate projects for allotment of residential flats, as financial creditors. This is sought to be done by expanding the definition of 'financial debt' as given in Section 5(8) of the Code....