Introduction
On 7-11-2024, the Insolvency and Bankruptcy Board of India (IBBI), the regulatory authority that oversees insolvency in India, released a discussion paper on issues related to real estate insolvency.1
The discussion paper, based on the findings and recommendations2 of a study group formed by the Indian Institute of Insolvency Professionals of ICAI (IIIPICAI), focused on enhancing the real estate resolution framework while aligning real estate insolvency with the Real Estate (Regulation and Development) Act, 2016 (RERA)3. IBBI has identified seven key issues in its Discussion Paper after consultation with resolution applicants (RA), insolvency professionals (IP) and other key stakeholders to enhance the efficiency and…