site here JBK Developers, [NCLAT and SC] to name a few, did not provide homebuyers an entry to seek reliefs under the Code. In fact, they did not even have a designated form under which they could file their claims.The first shift occurred by an amendment in the Insolvency Resolution Process for Corporate Persons Regulations, 2016 introduced on August 16, 2017 that for the first time, allowed homebuyers to raise their claims to the insolvency professional by filling a Form F titled ‘Claim by other Creditors.’ Thus, although they were to be considered as creditors, this form did not allow homebuyers to possess any rights over the property in itself. Further, under the ‘waterfall’ of entities, homebuyers were placed as merely residuary creditors only above preference shareholders and equity shareholders under Section 53 of the IBC below workmen, secured creditors, employees, unsecured creditors and government dues.With the intervention of the ministry of housing and urban affairs seeking a review of the same, a 14 member Committee was formulated to discuss and deliberate upon the changes in the IBC on November 16, 2017.
It seems as though Staten Islanders have been waiting forever for the Empire Outlets in St. George to open, as the retail site was seven years in the making. Yet after finally opening to shoppers in May, the shopping center (billed as the city’s first outlet mall) does not disappoint.
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