1,821 cases filed by homebuyers against builders under IBC : Thakur

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New Delhi  : As per the information received from National Company Law Tribunal (NCLT), total 1,821 cases filed by homebuyers against builders since June, 2018, under the Insolvency and Bankruptcy Code (IBC) 2016, were pending in NCLT on June 30, 2019.

Data regarding cases filed against builders for defaults of less than a month is not available with NCLT, this was stated by  Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha on November 18, 2019.

Elaborating further, Thakur said the matter of the status of homebuyers as financial creditors or modify the definition of default in these cases in order to reduce the number of insolvency cases filed against builders in the NCLTs for small defaults is under consideration of the Ministry of Corporate Affairs, according to a PIB release. The Government is taking all steps to strengthen the NCLT in terms of number of benches, number of courts and number of members, to reduce the burden on it.

Five new benches have been announced during 2018-2019 at Jaipur, Cuttack, Kochi, Indore, and Amaravati. The Government has also appointed 28 more members in NCLT recently and vacant posts of members in NCLT are being filed up regularly. For capacity building of members, regular colloquiums are being held. e-Court project is also being implemented by NIC for all the benches of NCLT.