The Insolvency and Bankruptcy Board of India (IBBI) has proposed reforms to expedite the insolvency process for real estate companies, ensuring quicker resolutions and better protections for homebuyers and lenders.
Real EstateInsolvencyIbbiHomebuyersLendersReal EstateNov 17, 2024
The Insolvency and Bankruptcy Code (IBC) is a law in India that provides a time-bound process for resolving insolvency and bankruptcy. It aims to protect the interests of homebuyers, lenders, and other stakeholders.
The real estate sector in India has faced significant challenges, including delays and financial uncertainties. The reforms aim to address these issues by streamlining the insolvency process and protecting the interests of homebuyers and lenders.
Homebuyers will benefit from quicker project completions and financial protection. Their claims will be prioritized in the insolvency process, ensuring that their investments are protected.
The Resolution Professional (RP) is responsible for managing the insolvency process. Under the reforms, the RP will have more authority to make decisions and implement solutions, leading to faster and more effective resolutions.
The reforms will help reduce the risk for lenders by providing a more streamlined and predictable insolvency process. This will lead to faster recovery of funds and improved financial stability for lenders.
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