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Homebuyers' body seeks PM's intervention

Kolkata: Fight for RERA has written to Prime Minister Narendra Modi seeking his intervention to protect the interests of homebuyers.
Abhay Upadhyay, national convener of Fight for RERA, in a letter to the PM has requested him to amend the provisions of The Insolvency and Bankruptcy Code, 2016 to give first priority to homebuyers in settling their dues either by completion of the project or refund with interest. For this, it is also necessary that the Insolvency Resolution Professionals (IRP) are given powers to bring into insolvency proceedings other companies under the same management including attaching the personal wealth of the promoters since it is expected that the company under insolvency proceedings may be drastically asset negative.
The RERA Act 2016 should provide powers to the Real Estate Regulator to attach the assets of all the companies under the same promoter including his personal wealth to arrange funds for completion of unfinished projects. Also, the PM has been requested to advise all banks who have given loans to homebuyers whose projects are delayed to stop collecting EMIs from them.

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