Among nearly 1,400 real estate/construction companies that were admitted into the corporate insolvency resolution process (CIRP) so far, 645 were “successfully rescued”, via resolution or closure, and 261 were liquidated, Insolvency and Bankruptcy Board of India (IBBI) Chairperson Ravi Mittal said on Tuesday.
He noted that the number of rescued companies has been 2.5 times those liquidated.
Stating that the insolvency code provided a structured mechanism for resolving insolvency, Mittal noted that insolvency resolution of real estate companies presents a unique set of challenges for the standardised Corporate Insolvency Resolution Process. “With the help of measures as introduced from time to time, several real estate…
