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Homebuyers may get IBC relief

The government could soon promulgate an ordinance to make changes to the Insolvency and Bankruptcy Code that will provide relief to small businesses and homebuyers, relax disqualifications under Section 29A and clarify the definition of a related party. The changes are based on the recommendations of a high-level law committee chaired by Injeti Srinivas, secretary in the ministry of corporate affairs. The Union Cabinet could consider the ordinance as early as Wednesday, according to a senior government official.

Source : ET Realty