IBBI invites suggestions from public for resolution of real estate projects
- Blog|News|Insolvency and Bankruptcy Code|
- < 1 minute
- By Taxmann
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- Last Updated on 16 June, 2022
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Press Release Dated 14.06.2022
The Insolvency and Bankruptcy Code, 2016 (Code) was amended in 2018 to clarify the status of allottees of a real state project as Financial Creditors. However, large number of real estate projects are under consideration under IBC. It was represented to the Insolvency and Bankruptcy Board of India (IBBI) that real estate projects require different dispensation than normal projects. In this regard, the IBBI has invited suggestions from public, including the stakeholders, for need for a separate regulatory framework for Homebuyers in the CIRP of real estate projects or some modifications in the existing regulations, within the existing framework of the Code. IBBI also invited specific suggestions for bringing improvements, if any, in the process of resolution of real estate projects vis-à-vis homebuyers for better and effective resolution of such real estate project.
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