Tag: Real estate insolvency

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IBBI Panel Recommends Project-Based Insolvency for Real Estate

A panel formed by the insolvency regulator has recommended that bankruptcy proceedings focus solely on distressed projects of a real estate developer, rather than encompassing the entire company. This approach aims to allow solvent or unrelated ventures within the same developer to continue operating, benefiting many homebuyers involved in stable projects while hastening the resolution process for stressed ones. The panel stated that proceedings under the Insolvency and Bankruptcy Code (IBC) should typically be initiated on a project-by-project basis, treating each as an independent economic unit. This recommendation comes from the panel established by the Insolvency and Bankruptcy Board of…

Latest StoriesResidential

Supertech hands over 6,000 flats; 15,000 buyers still waiting

NEW DELHI: Supertech Ltd, a real estate firm facing insolvency issues, has handed over 6,121 apartments to its customers in the past three years across various housing projects, as stated by RK Arora, a former director of the distressed company. This delivery includes units across 16 ongoing projects managed by the previous leadership, under the oversight of a resolution professional appointed by the National Company Law Tribunal (NCLT). On March 25, 2022, the NCLT initiated the Corporate Insolvency Resolution Process (CIRP) for Supertech Ltd. The promoters subsequently appealed to the National Company Law Appellate Tribunal (NCLAT). In a ruling from…