RealtyBuzz’s Post

In a recent amendment done by Insolvency & Bankruptcy Board of India (IBBI), Our Partner - Insolvency & Restructuring Practice, Anjali Jain shares her insights with the Financial Express (India) in a story, "Requirement of separate bank account for each project would help in facilitation of project wise resolution and to supplement this, the RP is further empowered to invite resolution plan for each real estate project as resolution of individual projects would pave the way for better price discovery, competitive bidding and early resolution in comparison to group project resolution. Various projects of the same corporate debtor have different stages of completion and even have varied requirements of funds and the existing rules were insufficient to accommodate the diversity of such project specific needs": https://lnkd.in/g6qamrDv #realestate #thehindu #insolvency #bankruptcy #insolvencyandbankruptcy #areness #arenesslaw #legaladvice #legalinsights #ibbi #realestatecompany #companylaw #regulatorycompliance #transparency #finance

Insolvency & Bankruptcy Board of India (IBBI) has rolled out a centralized online platform for the sale of assets under the Insolvency Code. The regulator directed Insolvency Professionals to list details of all unsold assets related to ongoing liquidation processes on the #eBKray platform starting November 1.   Commenting on this, our partner Anoop Rawat told businessline “The new circular mandates the listing of all assets being sold in liquidation cases. The platform will also have comprehensive details such as the status of the attachment or lien, geographical coordinates, and auction dates. This platform is a great initiative to disseminate information about available assets, which is likely to improve the demand and value of these assets. IPs’ usage of the platform to host auctions appears to be a mere recommendation though.”   Read more: https://lnkd.in/gsJte8Td   #Insolvency #Regulators #eBKray #IntellectualProperty #Geographical #Assets #IBBI #InsolvencyProfessional #Liquidation

Recently, the Insolvency and Bankruptcy Board of India (IBBI) tweaked its regulations to allow the Committee of Creditors (CoC) to invite separate resolution plans for each real-estate project, rather than dragging the whole firm into insolvency proceedings. The regulations further also enable the CoC to establish a monitoring committee for overseeing the implementation of the resolution plan. Discussing this, I shared my views on how these amended regulations could be beneficial for homebuyers and help in controlling unnecessary expenditures of the debtors. Read the full news story here - Financial Express (India) - https://shorturl.at/dgkq1 BW Businessworld - https://shorturl.at/kABFT #ibbi #realestate #realty #ibc #regulations #lawyer #legalinsights

Allotted Flat Won't Be Part Of Liquidation Process: IBBI Most real estate projects have not faced that situation yet. 🔖NEW DELHI: New rules of Insolvency & Bankruptcy Board of India (IBBI) provide for exemption of allotted property from liquidation process, providing much-needed relief to thousands of home buyers, whose real estate projects are caught in the insolvency resolution process for years with fear of liquidation dangling over their head. 🔖"Wherever the corporate debtor has given possession to an allottee in a real estate project, such asset shall not form a part of the liquidation estate of the corporate debtor," IBBI said. 🔖This means that homebuyers, who have got possession of their flats, can stay in them even if the project goes into liquidation as their property will be outside the ambit of the exercise. Most real estate projects have not faced that situation yet. 🔖The change in rule will mean that the liquidator can reduce the reserve price by up to 25% for assets, with existing valuation of the corporate insolvency resolution process (CIRP) once, provided it is approved by the Stakeholders' Consultation Committee (SCC). For assets where fresh valuation is conducted during liquidation, the reserve price can be cut by up to 10% in subsequent auctions, with SCC's approval. 🔖Besides, liquidators have been given the power to sell assets of a company through private sale but through prior consultation with SCC. The steps are part of an exercise by IBBI to improve the liquidation process. Separately, on Wednesday, an expert panel recommended phased introduction of a voluntary mediation as a dispute resolution mechanism under the Insolvency & Bankruptcy Code. 🔖The committee has proposed the establishment of a dedicated and specialised NCLT-annexed insolvency mediation cell with an independent secretariat to administer, oversee, and manage the conduct of insolvency mediations under the law. artcile credit-times of india #cs #csexecutive #csprofessional #ca #caintermediate #cafinalist #cafinal #cma #cmainter #icsi #icai #insolvencyandbankruptcy

The recent notification by the Insolvency & Bankruptcy Board of India (IBBI) is primarily intended to facilitate the resolution of real estate projects. Out of the total CIRPs initiated to date, the real estate sector has 21% of the share in the pool and further study of data would indicate that the proportion of real estate companies heading for liquidation(18%) is proportionately more than what could be resolved(15%) under the Code. This signified the utter need to bring synchronization of the IBC process with the real estate sector Our Partner - Insolvency & Restructuring Practice, Anjali Jain shares her views with businessline : https://lnkd.in/ga9cC-s2 #realestate #thehindu #insolvency #bankruptcy #insolvencyandbankruptcy #areness #arenesslaw #legaladvice #legalinsights #ibbi #realestatecompany #companylaw #regulatorycompliance #transparency #finance 

Real Estate Developers Applaud IBBI Amendments, Anticipate Faster Resolutions 🏗 🏙 Recent amendments to the insolvency law by the Insolvency and Bankruptcy Board of India (IBBI) have garnered praise from real estate developers. The regulatory changes allow for a project-wise insolvency and liquidation process in the real estate sector, aiming to expedite resolutions and offer relief to various stakeholders. #bankruptcy To read the full article please follow the link👇 https://lnkd.in/g5UsP_6B For more updates please follow KaroStartup

In a move involving the insolvency proceedings of real estate builders the Insolvency and Bankruptcy Board of India (IBBI) has suggested that the registration of real estate projects can be allowed in insolvency cases involving real estate builders if an Occupancy Certificate (OC) with respect to the said project has been issued by the competent authority. IBBI suggests that the mere initiation of insolvency proceedings should not hinder registration if the project is legally operational and meets compliance requirements. This suggestion aims at creating a balance between protecting creditors' rights on one hand and protecting the interests of the home buyers on the other hand who have invested in purchase of the home from the builder. https://lnkd.in/gRG5afvm #IBBI #Insolvencylaw #RealEstate #IBC #LegalUpdates #LegalInsights #Lawsquare 

“Insights from the recent Insolvency and Bankruptcy Board of India (IBBI) data highlight progress and challenges in insolvency recoveries. In the September quarter, recoveries reached nearly 97% of fair value for distressed firms—up from 84% in the June quarter—while the cumulative historical average stands at 86%. However, recoveries against creditors’ claims fell to 28.33% from 31.12%. Total resolved case recovery reached ₹355,375 crore, with ₹12,547 crore realised from 54 cases in the September quarter. Continued efforts are crucial for more balanced outcomes. Our experience with the Insolvency and Bankruptcy Code (IBC) has been transformative. Leveraging its provisions, we successfully resolved over 15 complex matters, positively impacting more than 10,000 homebuyers and slum dwellers. The IBC’s structured approach enabled a fair, transparent, and timely resolution, restoring confidence and delivering tangible results for those whose lives were deeply affected. . #IBC #CorporateRecovery #IBBI” Incorp Restructuring Services LLP (IPE) Insolvency & Bankruptcy Board of India (IBBI)

The Insolvency and Bankruptcy Board of India (IBBI) has proposed groundbreaking reforms to enhance the IBC framework. Key highlights include making monitoring committees mandatory for resolution plan implementation, extending grievance redressal timelines, and relaxing procedural deadlines for insolvency professionals. In a conversation with Financial Express (India), our senior partner Jasmine Damkewala shared her insights on these developments strengthening the IBC Framework. Read the full article here: https://bit.ly/3V06X6B #IBC #Insolvency #LegalUpdates #CorporateLaw #ClientCentric #CircleOfCounsels

Insolvency and Bankruptcy Updates: Uploading of judicial orders related to insolvency proceedings by Insolvency Professionals (May 09, 2024) Insolvency Professionals (IPs) have been uploading information related to the public announcement, claims, invitation for resolution plan and auction notice on the website of Insolvency and Bankruptcy Board of India (IBBI). Additionally, to enhance facilitation of various stakeholders, IBBI also hosts judicial orders passed by different courts and tribunals related to insolvency proceedings on its website at https://lnkd.in/gK7f7fab. It all forms part of facilitation of stakeholders in the IBC ecosystem. As IPs have the first-time access and information of all the important judicial orders affecting the processes handled by them under the Insolvency and Bankruptcy Code, 2016 (Code), it has been decided that the IPs shall upload below mentioned judicial orders pertaining to their respective assignments on their dashboard. This would also ensure that the important judicial orders which have significant impact on the ongoing processes under the Code are available for facilitation of stakeholders in a timely manner. Specifically, the IPs are directed to upload the following types of orders –       I.                   For NCLT / NCLAT, following category of orders are to be uploaded – (a) Admission order (b) Approval of Resolution plan order (c) Closure of insolvency process through withdrawal u/s 12A / appeal/ review or settlement (d) Stay of insolvency process (e) Liquidation order (f) Dissolution order (g) Final order on preferential, undervalued, fraudulent, extortionate credit transaction and fraudulent and wrongful trading (h) Any order having actionable point for IBBI      II.                   For Supreme Court and High Court, all orders are to be uploaded. For Details: https://lnkd.in/ddZyGmNj