Real Estate Projects Get New Rules Under CIRP: 66% Committee Approval Needed for Property Transfer and Facilitator Appointments

IBBI amended Corporate Insolvency Resolution Process regulations introducing key changes for real estate projects and large creditor classes. Resolution professionals must now facilitate possession transfer of real estate properties with 66% committee approval. For creditor classes exceeding 1000, up to five facilitators can be appointed to improve communication. Real estate projects require status reports on development rights within 60 days. Committee can invite real estate regulatory authorities to meetings. Monitoring committees must submit quarterly implementation reports to AA. Changes also include MSME registration disclosure requirements and relaxed eligibility criteria for allottee associations representing 10% or 100 creditors in real estate projects. .....

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