The Supreme Court asked the Centre to come up with a “uniform” solution to protect the interests of homebuyers who have failed to get possession of their flats despite paying huge amounts to real estate builders.
A Bench, led by Justice AM Khanwilkar, suggested that the government must step in and consider a uniform proposal to help the stranded homebuyers as the Insolvency and Bankruptcy Code (IBC) was inadequate in serving the purpose.
“Can some other arrangement be suggested by the Union of India (UoI) without disturbing the ongoing process?” the Bench asked additional solicitor general Madhavi Divan.
“We want suggestions from the UoI, which could be uniform for all such cases…this issue will be bothering lakhs of homebuyers. Within the IBC, we cannot do anything. But outside it, you (Centre) can suggest something. We can consider that,” the Bench said, adding that “the policy issue has to be resolved by the UoI.”
The Bench was hearing an application by Chitra Sharma, an aggrieved homebuyer of Jaypee Infratech (JIL).