NEW DELHI, Oct 31: To expedite real estate insolvencies, regulator IBBI has notified amendments to regulations providing for project-wise treatment, enhanced disclosures, stronger participation of homebuyers as well as detailed cost-assessment that will help attract more realistic bids.
Against the backdrop of issues, challenges and delays being faced in the resolution of stressed real estate projects that are impacting homebuyers, the watchdog has amended the regulations pertaining to insolvency resolution process for corporate persons.
IBBI is a key institution in implementing the Insolvency and Bankruptcy Code (IBC), which provides the framework for resolution of stressed assets in a market-linked and time-bound…