The court has also upheld the IBC Amendment with certain safeguards. Homebuyers to have a say in Committee of Creditors, and they can also initiate insolvency proceedings.
The court has also asked the government to adequately man the Real Estate (Regulation and Development) Act, 2016 (RERA) and National Company Law Tribunal (NCLT), and should file affidavit within three months in connection with it.
The court also said that the IBC provisions should be read harmoniously with RERA. Every application pending before NCLT will be decided on their own merit with respect to this apex court judgement.