More than 5 Lakh homebuyers are struck in the projects which are either stalled for multiple years or has been abandoned. The builder either don’t have money or intention to start construction on such products.
Central Govt. passed an ordinance by which they brought in a cap on number of homebuyers approaching the NCLT under Section-7 of the IBC code, 2016.
An employee is an operational creditor and has the right to file an insolvency application against the corporate debtor or employer under section 10 of IBC.