 "Housing market, Homes, Real estate, Realty")
In a boost to stressed real estate companies, the bankruptcy board has amended the Corporate Insolvency Resolution Process (CIRP) to allow project-wise insolvency in the sector.
“The resolution professional (RP), after the approval of the committee, may invite a resolution plan for each real estate project or group of projects of the corporate debtor,” the latest Insolvency and Bankruptcy Board of India (IBBI) notification said.
To further ease the processes, the notification has said that if a company undergoing insolvency has any real estate project, the RP should operate a separate bank account for each project.
“Resolution of individual projects would
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