India, Feb. 16 -- The Insolvency and Bankruptcy Board of India has recently amended the rules governing the corporate insolvency resolution process (CIRP), enabling distressed homebuyers to take possession of their properties while the resolution process is ongoing. The key objective of these amendments, which were notified earlier this month, is to prevent unnecessary and prolonged delays in handing over possession to homebuyers.

Effective immediately, these changes allow homebuyers to take possession during insolvency proceedings and ensure they have a voice in the resolution plans. The reforms are designed to offer much-needed relief to buyers and mitigate further financial losses, said legal experts.

One of the important changes emp...