Need legal reforms for more efficient resolution of real estate cases under IBC: Study, ET RealEstate

May 20, 2024
1 min read
Need legal reforms for more efficient resolution of real estate cases under IBC: Study, ET RealEstate


110279074

NEW DELHI: There is a need for legal and administrative reforms to ensure more efficiency in resolving real estate cases under the insolvency law, according to a study.

In its study, the Indian Institute of Insolvency Professionals of ICAI (IIIPI) has suggested the focus should be on the completion of projects and allotment to home buyers, wherever possible, and added that procedural and co-ordinational issues should not be allowed as a hindrance.

The Insolvency and Bankruptcy Code (IBC) provides for a market-linked and time-bound resolution of stressed assets.

The IIIPI’s study group on ‘Improving Real Estate Resolutions under IBC and Coordination with RERA‘ has flagged some critical gaps in legal as well as practical aspects under IBC and the Real Estate (Regulation and Development) Act (RERA).

In a release, the institute said there is a need for legal and administrative reforms needed for greater efficacy in resolving real estate cases under the IBC.

Among various recommendations, the study has proposed amendments in IBC and regulations to relax the conditions for participation in the Corporate Insolvency Resolution Process (CIRP) by a registered association of allottees.

  • Published On May 20, 2024 at 07:30 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App
realty barcode



Source link

curationteam

Curation Team will curate content from different sources and present for you. We will not edit any content. Source link is provided for the source from where its received .

Leave a Reply

Your email address will not be published.

Tour a Designer’s Venice Beach Sanctuary
Previous Story

Tour a Designer’s Venice Beach Sanctuary

A Dark 646-Square-Foot Apartment Transforms Into a Versatile and Light-Filled Home
Next Story

A Dark 646-Square-Foot Apartment Transforms Into a Versatile and Light-Filled Home

Latest from Blog