Thousands of cases were brought to the National Company Law Tribunal (NCLT), the adjudicating authority under the IBC, and were settled even prior to being confessed by it. Saumil Shah, Partner, Dhruva Advisors LLP, states: The nation saw one of the largest FDI inflows due to resolution of Essar Steel case through IBC. One of the failures of the IBC has actually been in not being able to give closure to homebuyers looking for shipment of their homes stuck in IBC rigmarole. Even as property buyers look for trustworthy solution through IBC, there are increasing number of cases of misuse of the law by dishonest homebuyers.”In 2020, IBC is most likely to see a lot occurring over the cases of personal guarantors of Corporate Debtors, the pertinent provisions for which have actually come into force given that December 1, 2019.
Thousands of cases were brought to the National Company Law Tribunal (NCLT), the adjudicating authority under the IBC, and were settled even before being admitted by it. One of the failures of the IBC has actually been in not being able to give closure to property buyers looking for shipment of their houses stuck in IBC rigmarole. Even as property buyers look for reputable option through IBC, there are rising number of cases of misuse of the law by unscrupulous homebuyers.
