Big Changes Proposed To IBC, New Tweaks Likely To Spell Relief For Stressed Real Estate Developers

Описание: The Insolvency and Bankruptcy Code (IBC) has proposed several amendments to streamline the Corporate Insolvency Resolution Process (CIRP) and speed up the resolution of defaulting or stressed projects. One of the key changes is the adjudicatory authority's responsibility to complete the process of ascertaining default and ruling on the admission of CIRP within 14 days.

The CIRP will now only apply to defaulting or stressed real estate projects and not to the entire entity. This will allow for the separate resolution of the project that caused the debtor's insolvency. Additionally, the threshold for initiating the pre-packaged insolvency resolution process has been reduced from 65 percent to 51 percent for financial creditors.

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