The Insolvency and Bankruptcy Board of India (IBBI) has amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
The new rules lay out the responsibilities of the resolution professional (RP) in the insolvency process of a corporate debtor (CD) with a real estate project.
RPs are required to maintain separate bank accounts for each real estate project and present reports as required by the committee of creditors (CoC).
They will have to ensure that every fund utilisation requirement under the applicable law, for each real estate project, is in compliance. If a CD has multiple real estate projects, the RP is required to furnish necessary details, based on which the CoC will decide…