Update IBC code for builders to give data of all buyers: Parl panel

11 Aug 2021 CW Team

If a single home buyer decides to file for the builder's bankruptcy resolution in the NCLT, a parliamentary panel has recommended that the government include a provision in the Insolvency Bankruptcy Code (IBC) requiring builders to provide details of all customers in a project.

A minimum of 100 homebuyers or 10% of total purchasers, whichever is fewer, is required to start the insolvency process, according to a 2018 amendment to the IBC.

The Forum for People's Collective Efforts (FPCE), which helped pass the Real Estate Regulatory Authority law (RERA), explained to the Parliamentary Standing Committee on Finance how this provision is ineffective and disadvantages homebuyers when compared to builders.

Homebuyers are having practical difficulties gathering the required number of purchasers to initiate insolvency proceedings against the real estate owner, according to the panel, which studied the pitfalls in the implementation of the IBC.

According to the panel's report, which was presented to Parliament last week as a result, the committee recommends that once a single homebuyer decides to file for bankruptcy in NCLT, the real estate owner should be required by the Rules and Guidelines to provide the homebuyer with information about other homebuyers in the project so that the required 10% or 100 homebuyers can be mobilised, ensuring that homebuyers' interests are protected.

Abhay Upadhyay, a member of the RERA Central Advisory Council, and the national convener of the FPCE said that they expect the government to find a solution to the problem.

Image Source

Also read: Govt launches bill in Lok Sabha to amend insolvency law

Infrastructure Urban

30 May 2026

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..