The Insolvency and Bankruptcy Board of India has amended the Insolvency Resolution Process for Corporate Persons Regulations, 2016, introducing project-specific measures for corporate debtors undergoing insolvency proceedings and having real estate projects.
Under the Fifth Amendment Regulations, the Committee of Creditors (CoC) can recommend exclusion of an individual real estate project from the Corporate Insolvency Resolution Process (CIRP) with at least 66% of the voting share. Following such approval, the Resolution Professional (RP) must approach the Adjudicating Authority with reasons recorded by the CoC.
The amendment also requires the Interim Resolution Professional or RP to maintain separate bank accounts for each real estate…