Real Estate Insolvency

This blog discusses how the Supreme Court in its recent judgment of Mansi Brar Fernandez vs. Subha Sharma[1] (“Mansi Brar”), has reinforced theprinciple laid down in the case of Pioneer Urban Land and Infrastructure Ltd v. Union of India,[2] (“Pioneer Urban”) of distinguishing a speculative investor from a genuine homebuyer. It also highlights the Court’s key directives and suggestions aimed at reforming real estate insolvency framework.Continue Reading The Mansi Brar Judgment – Reaffirming the Pioneer Principle and a push towards crucial reforms in real estate insolvency

Latest Reforms in Real Estate CIRP: Strengthening the position of Homebuyers

The Insolvency and Bankruptcy Board of India (“IBBI”) has recently notified several key amendments[1] in the CIRP Regulations[2], which aim to further streamline CIRPs[3] with special focus on real estate (RE) projects. These amendments give a formal effect to the recommendations/ suggestions that were proposed in the IBBI’s discussion paper, dated November 7, 2024, with an aim to enhance transparency, efficiency, and inclusivity of homebuyers in light of the unique challenges that arise in the CIRP of a RE entity.Continue Reading Latest Reforms in Real Estate CIRP: Strengthening the position of Homebuyers 

Insolvency & Bankruptcy Code

Over the last few years, several cases of defaulting real estate companies, including major players like, Amrapali, Jaypee Infratech and Supertech, have been stuck at various stages of insolvency proceedings under the provisions of the Insolvency and Bankruptcy Code, 2016, as amended (“Code”). As per the data provided by Insolvency and Bankruptcy Board of India (“IBBI”), a total of 344 corporate debtors engaged in construction and real estate activities have been admitted into corporate insolvency resolution process (“CIRP”) as of September 2022.[i]Continue Reading Proposed Amendments to the Insolvency and Bankruptcy Code- A Real Solution For Real Estate Insolvencies?