The Insolvency and Bankruptcy Code (IBC) has been a game-changer in dealing with corporate insolvency. But is it equipped to handle default cases by real estate companies? This article delves into the complexities and capabilities of IBC in the real estat
Insolvency And Bankruptcy CodeReal EstateHomebuyersCorporate InsolvencyIbbiReal EstateDec 07, 2024
The Insolvency and Bankruptcy Code (IBC) is a comprehensive law introduced in India in 2016 to provide a time-bound and efficient process for the resolution of insolvency and bankruptcy. It aims to protect the interests of all stakeholders, including homebuyers, financial creditors, and operational creditors.
The real estate sector is unique due to long project timelines, complex regulatory requirements, and the involvement of multiple stakeholders, including homebuyers. These factors make the resolution process more challenging compared to other sectors.
The Homebuyers' Committee represents the interests of homebuyers in the resolution process under the IBC. It ensures that the rights and interests of retail investors are protected during insolvency proceedings.
Valuing incomplete real estate projects under the IBC can be challenging. The Code provides for a moratorium on legal actions against the debtor, which can help in stabilizing the project and facilitating a fair valuation.
One of the most notable cases is the insolvency of Jaypee Infratech. The Supreme Court played a crucial role in this case, ensuring the protection of homebuyers' interests and setting a precedent for future cases.
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