A high-powered committee to look into insolvency guidelines for real estate projects has come up with 155 recommendations, including project-wise insolvency admission, procedural consolidation of land and development rights as well as mandatory operation of project-wise escrow accounts. The recommendations are aimed at improving efficiency, ensuring timely completion of projects, enhancing stakeholder confidence, and strengthening alignment between insolvency processes and sectoral regulation.
The Committee on Framing Guidelines for Insolvency Proceedings in the Real Estate Sector chaired by Jayanti Prasad, Whole Time Member of the Insolvency and Bankruptcy Board of India submitted its report on Wednesday.
“The report recognises…
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