Homebuyers have filed over 1,800 cases under insolvency law: Govt

Homebuyers have filed more than 1,800 cases against builders under the Insolvency and Bankruptcy Code (IBC) since June 2018, the government told the Lok Sabha on Monday. These are the number of cases pending before the National Company Law Tribunal (NCLT) as of September 30.

Citing the information received from NCLT, Minister of State for Corporate Affairs Anurag Singh Thakur said that a total of 1,821 cases have been filed by homebuyers against builders since June 2018 under the Code. On whether the government is aware of the problem of pendency at the tribunal due to a high number of cases being filed by homebuyers against builders for even small defaults, the minister replied in the affirmative.

"The matter is under consideration of this (corporate affairs) ministry," he noted. According to him, data regarding cases filed against builders for defaults of less than a month is not available with the NCLT.

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