Govt mulls quicker resolution of builders’ insolvency

26 Dec 2022 CW Team

According to those with knowledge of the situation, India intends to implement new regulations for managing bankruptcy cases involving real estate that will benefit homebuyers even while their builders shut down.

The persons, who asked to remain anonymous since the material is private, stated that the planned amendment to the country's Insolvency and Bankruptcy Code will allow resolution of the cases on a project-by-project basis. According to them, this will allow finished flats to be delivered to homebuyers even as the developer's bankruptcy procedure is ongoing.

The corporate affairs ministry's spokesperson declined to comment.
Inderjit Singh Rao, the minister of state for corporate affairs, had informed the MPs in August that as of June this year, 436 of the 1,999 cases of corporate insolvency still outstanding were in the real estate industry. A unique framework is required to address the intricacies of the real estate sector because the IBC had little success in timely resolving such issues.

They added that the government also intended to streamline pre-packaged resolution plans, create flexible strategies for treating operational and non-viable assets independently, and develop a central platform for case registration in order to speed up resolutions.

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