Include land authority in CoC for real estate insolvency cases: IBBI

Quick Summary:

The inclusion of land authorities as non-voting members of COC will provide more confidence and they can act as facilitators for the final resolution," said Jyoti Prakash Gadia, Managing Director at Resurgent India.

The Economic Survey 2023-24 noted that the IBC has been the most favoured among the three available remedies for the real estate sector, besides the Consumer Protection Act 2019 and Real Estate Regulation and Development Act 2016.

According to IBBI large size real estate cases such as Jaypee Infratech, Kohinoor CTNL Infrastructure Company, SARE Gurugram have yielded recovery of more than 60 per cent of the admitted claims.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Bankruptcy Real estate insolvency cases Insolvency Real Estate Regulatory Authority Land authority IBBI

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-07 @ 17:54:11 (7 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 568 words

Reading Time: 4 minutes read

Sentences: 18 lines

Sentence Length: 32 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 23460984

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