IBBI discussion paper on REAL-ESTATE RELATED PROPOSALS- CIRP & LIQUIDATION

IBBI has issued a discussion paper on REAL-ESTATE RELATED PROPOSALS- CIRP & LIQUIDATION through notification dated 6th November, 2023. The discussion paper deals with the following issues being faced in insolvency processes of real-estate projects:

1. Mandatory registration and extension of projects under Real Estate Regulatory Authority (RERA);
2. Operating a separate bank account for each real estate project;
3. Execution of registration/sublease deeds with approval of committee of the creditors (CoC) during corporate insolvency resolution process (CIRP);
4. CoC to examine and invite separate plans for each project; and
5. Exclusion of property in possession of homebuyers from the liquidation estate.

Comments may be submitted electronically by 28th November, 2023 through IBBI website.