The government will likely amend the insolvency law to enable “customised resolutions” of bankrupt residential real estate projects to ensure swift delivery of flats to homebuyers in stressed housing projects.
The planned changes to the Insolvency and Bankruptcy Code (IBC) would allow resolution depending on the nature of the projects, instead of stipulating one rigid framework for the entire real estate sector, people familiar with the matter said.
The move will also help prevent erosion of value of stressed housing projects, they said. It’s part of a slew of changes that the government is planning to further bolster the corporate insolvency resolution process under the IBC.
“After comprehensive discussions with stakeholders, it’s felt t…
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