In the insolvency of real estate companies, 212 applications pertaining to the real estate sector were admitted for Corporate Insolvency Resolution Plan (CIRP) under the Insolvency & Bankruptcy Code (IBC), of these, 8 cases were resolved, 65 cases have been settled or withdrawn and 23 cases were ordered for liquidation and for rest, the process is ongoing. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Lok Sabha today.
The Minister further said that the insolvency resolution process is market-driven and the outcome depends on market forces.
The Minister stated that Insolvency and Bankruptcy Code (the Code) was enacted on 28th May 2016 and the Insolvency and Bankruptcy Board of India was established on 1st October 2016 to exercise regulatory functions under the Code. Further, the provisions for the corporate insolvency resolution process (CIRP) were notified w.e.f. 1st December 2016.
Link to Official Press Release: PIB (https://pib.gov.in/PressReleasePage.aspx?PRID=1741629)
(Except for the headline, 5thVoice.The news did not edit this information and was published directly from the official source as it is. This article does not intend to hurt the sentiments of any individual, community, sect, or religion, etcetera. Further, despite all efforts made to ensure the accuracy and correctness of the information published, 5thVoice.News shall not be responsible for any discrepancies.)
Tags : #India #Insolvency #RealEstate #Housing