IBC – Real Estate – Corporate Debtor – Amendment of 16.2.2024 to IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 – Transparency and accountability –

As rightly stated in the Press Release of IBBI, the key amendment is made to streamline the corporate insolvency resolution process, the modifications are made in the Regulations.

Amongst others, to my mind, out of nine modifications – following are very important for real estate and will go a long way to achieve its paramount objectives of transparency and accountability –

Operating separate bank accounts for real estate projects under a corporate debtor;

Flexibility in inviting resolution plans in real estate case since each project in a real estate project may need different treatment in terms of resolution.  Thus, CoC may direct RP to invite separate plan for each project.

Constitution of Monitoring Committee