In a significant relief for distressed homebuyers, resolution professionals can now hand over possession of plots, apartments, or buildings during the insolvency process, provided all obligations are met and the committee of creditors (CoC) approves. This will prevent prolonged delays in property handovers.
This was part of several key amendments introduced by the Insolvency and Bankruptcy Board of India to the insolvency and bankruptcy laws. The amendments, which come into immediate effect, aim to enhance efficiency and transparency in corporate insolvency resolution, with a specific focus on real estate projects.
Other key Changes in the CIRP Regulations
- Involvement of Land Authorities in Resolution Plans: The…
