IBBI proposes changes to rules for insolvency resolution process

Dated on: Wednesday 8th November 2023

The Insolvency and Bankruptcy Board of India (IBBI) has introduced several key changes to address issues in the insolvency resolution process for real estate projects. These changes include mandatory project registration with the Real Estate Regulatory Authority, the exclusion of properties in the possession of homebuyers from liquidation proceedings, maintaining separate bank accounts for each real estate project, executing registration/sublease deeds with Committee of Creditors (CoC) approval during resolution, and allowing the CoC to consider separate plans for each project.

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