Home buyers may no longer have to run from pillar to post to press their claims when lenders’ initiate insolvency proceedings against the developer of a residential project, going by the measures proposed by the Insolvency and Bankruptcy Board of India (IBBI).

To ensure fairness, transparency and parity of treatment among all genuine home buyers, IBBI has proposed two targeted measures under the Corporate Insolvency Resolution Process (CIRP), whereby the resolution professional (RP) will include the details of all allottees, irrespective of whether such allottees have filed claims; and the resolution plan providing for fair treatment of such allottees.

Discussion paper

IBBI, in its Discussion Paper on “Strengthening safeguards and transparency in the CIRP” noted that under the existing

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