Real Estate Sector: 8 resolved, 65 settled/withdrawn and 23 ordered for liquidation in insolvency cases under IBC

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HIGHLIGHTS

  • 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.
  • Of these, 8 cases were resolved, 65 cases have been settled or withdrawn and 23 cases were ordered for liquidation and for rest, the process is ongoing.
  • The Minister further said that the insolvency resolution process is market-driven and the outcome depends on market forces.

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