Amendments made in IBC by enhancing default limit from Rs 1 lakh to Rs 1 cr: MoUHA
May 30, 2020
New Delhi [India], May 30 : Amendments have been made in the Insolvency and Bankruptcy Code (IBC) by enhancing the default limit from Rs 1 lakh to Rs 1 crore.
"Further amendments were made in Insolvency and Bankruptcy Code (IBC) by enhancing the default limit from Rs 1 Lakh to Rs 1 crore," tweeted the Ministry of Housing and Urban Affairs (MoHUA).
The Ministry further tweeted: "Major transformative changes were implemented in the Housing Division under @MoHUA_India. Additional Deduction of Rs 1.5 Lakh on Home Loan Interest for home loans availed from 1 April 2019 up to 31 March 2020 on affordable houses."
"An increase in size limit of Affordable Housing Unit from 30 to 60 sq. mtr. in metro cities and from 60 to 90 sq. mtr. in non-metro cities was implemented," the Ministry said in another tweet.
It further said: "To give relief to homebuyers of stalled projects, a Special Window for Affordable and Mid-Income Housing Fund (SWAMIH) Investment Fund was established for projects that are net-worth positive and registered under RERA."
