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Name the bill that was passed in the Parliament that seeks to clarify that allottees under a real estate project should be treated as financial creditors.
- a)Recovery of Non-Performing Assets Bill, 2017
- b)Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018
- c)Insolvency and Bankruptcy Code (First Amendment) Bill, 2017
- d)Recovery of Non-Performing Assets (Amendment) Bill, 2018
Correct answer is option 'B'. Can you explain this answer?
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Name the bill that was passed in the Parliament that seeks to clarify ...
Parliament has passed the Insolvency and Bankruptcy Code (Second Amendment) Bill,2018 with the Rajya Sabha's approval. The Bill seeks to clarify that allottees under a real estate project should be treated as financial creditors. Home buyers will get due representation in the Committee of Creditors and make them an important part of decision making process. Setting up of a special dispensation for small sector enterprises has also been made.
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Name the bill that was passed in the Parliament that seeks to clarify ...
Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018
The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 was passed in the Parliament to clarify that allottees under a real estate project should be treated as financial creditors. This move aimed to provide relief to homebuyers who are often left in the lurch due to delays in possession of their homes by real estate developers.
- Background: Previously, homebuyers were not considered as financial creditors under the Insolvency and Bankruptcy Code, which made it difficult for them to recover their investments in case of insolvency proceedings against the real estate developers.
- Importance: By treating homebuyers as financial creditors, they now have a say in the insolvency resolution process and can actively participate in decision-making. This gives them more power to protect their interests and ensure timely completion of real estate projects.
- Key Provisions: The bill allows homebuyers to be represented in the Committee of Creditors, enabling them to vote on important matters such as the appointment of the resolution professional and approval of resolution plans. This ensures that their voices are heard and considered in the insolvency process.
- Impact: This amendment provides much-needed protection to homebuyers and enhances transparency and accountability in the real estate sector. It strengthens the rights of allottees and promotes confidence among potential homebuyers, thereby boosting the overall real estate market.
In conclusion, the passing of the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 is a significant step towards safeguarding the interests of homebuyers and bringing more clarity and efficiency to the insolvency resolution process in the real estate sector.
The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 was passed in the Parliament to clarify that allottees under a real estate project should be treated as financial creditors. This move aimed to provide relief to homebuyers who are often left in the lurch due to delays in possession of their homes by real estate developers.
- Background: Previously, homebuyers were not considered as financial creditors under the Insolvency and Bankruptcy Code, which made it difficult for them to recover their investments in case of insolvency proceedings against the real estate developers.
- Importance: By treating homebuyers as financial creditors, they now have a say in the insolvency resolution process and can actively participate in decision-making. This gives them more power to protect their interests and ensure timely completion of real estate projects.
- Key Provisions: The bill allows homebuyers to be represented in the Committee of Creditors, enabling them to vote on important matters such as the appointment of the resolution professional and approval of resolution plans. This ensures that their voices are heard and considered in the insolvency process.
- Impact: This amendment provides much-needed protection to homebuyers and enhances transparency and accountability in the real estate sector. It strengthens the rights of allottees and promotes confidence among potential homebuyers, thereby boosting the overall real estate market.
In conclusion, the passing of the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 is a significant step towards safeguarding the interests of homebuyers and bringing more clarity and efficiency to the insolvency resolution process in the real estate sector.
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Name the bill that was passed in the Parliament that seeks to clarify that allottees under a real estate project should be treated as financial creditors.a)Recovery of Non-Performing Assets Bill, 2017b)Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018c)Insolvency and Bankruptcy Code (First Amendment) Bill, 2017d)Recovery of Non-Performing Assets (Amendment) Bill, 2018Correct answer is option 'B'. Can you explain this answer?
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Name the bill that was passed in the Parliament that seeks to clarify that allottees under a real estate project should be treated as financial creditors.a)Recovery of Non-Performing Assets Bill, 2017b)Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018c)Insolvency and Bankruptcy Code (First Amendment) Bill, 2017d)Recovery of Non-Performing Assets (Amendment) Bill, 2018Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Name the bill that was passed in the Parliament that seeks to clarify that allottees under a real estate project should be treated as financial creditors.a)Recovery of Non-Performing Assets Bill, 2017b)Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018c)Insolvency and Bankruptcy Code (First Amendment) Bill, 2017d)Recovery of Non-Performing Assets (Amendment) Bill, 2018Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Name the bill that was passed in the Parliament that seeks to clarify that allottees under a real estate project should be treated as financial creditors.a)Recovery of Non-Performing Assets Bill, 2017b)Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018c)Insolvency and Bankruptcy Code (First Amendment) Bill, 2017d)Recovery of Non-Performing Assets (Amendment) Bill, 2018Correct answer is option 'B'. Can you explain this answer?.
Name the bill that was passed in the Parliament that seeks to clarify that allottees under a real estate project should be treated as financial creditors.a)Recovery of Non-Performing Assets Bill, 2017b)Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018c)Insolvency and Bankruptcy Code (First Amendment) Bill, 2017d)Recovery of Non-Performing Assets (Amendment) Bill, 2018Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Name the bill that was passed in the Parliament that seeks to clarify that allottees under a real estate project should be treated as financial creditors.a)Recovery of Non-Performing Assets Bill, 2017b)Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018c)Insolvency and Bankruptcy Code (First Amendment) Bill, 2017d)Recovery of Non-Performing Assets (Amendment) Bill, 2018Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Name the bill that was passed in the Parliament that seeks to clarify that allottees under a real estate project should be treated as financial creditors.a)Recovery of Non-Performing Assets Bill, 2017b)Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018c)Insolvency and Bankruptcy Code (First Amendment) Bill, 2017d)Recovery of Non-Performing Assets (Amendment) Bill, 2018Correct answer is option 'B'. Can you explain this answer?.
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