IBBI amends insolvency process rules to ease homebuyers' woes
EW DELHI: The Insolvency and Bankruptcy Board of India has amended rules to allow distressed homebuyers to take possession of their properties while the resolution process is ongoing.
The amendments, notified on February 3, and effective immediately, aim to to enhance efficiency in insolvency proceedings, particularly for real estate projects, by introducing measures such as appointing facilitators, involving land authorities in the process, and ensuring better monitoring of resolution plans, according to an official release.
The Insolvency and Bankruptcy Board of India (IBBI) has amended rules governing the corporate insolvency resolution process.
One of the important changes empowers resolution professionals after obtaining approval of the Committee of Creditors and upon fulfilment of all obligations can now hand over possession of plots, apartments, or buildings to the homebuyer while the resolution process is still ongoing, the IBBI said.
This move is expected to ease the long delays often faced by homebuyers awaiting resolution of stalled real estate projects.
Read more at:
https://realty.economictimes.indiatimes.com/news/regulatory/ibbi-amends-insolvency-process-rules-to-ease-homebuyers-woes/117967004?action=profile_completion&utm_source=Mailer&utm_medium=newsletter&utm_campaign=etrealty_news_2025-02-06&dt=2025-02-06&em=aW5kaXZhbHVldGVjaG5pY2FsQGdtYWlsLmNvbQ==
Credit by: https://realty.economictimes.indiatimes.com/