Recent changes to CIRP Regulations streamline the process by allowing the handover of the unit’s possession to homebuyers while the resolution process is still ongoing.
The Insolvency and Bankruptcy Board of India has brought in certain amendments to streamline and optimise the insolvency resolution process.
IBBI’s new measures seek to pave the way for the efficient conduct of processes by IPs and facilitate IPEs to undertake activities of an IP.
Though IBBI’s paper addresses the issues faced in the insolvency processes of real estate projects, the draft regulations need fine-tuning.
