Stakeholders discuss challenges in resolution of real estate companies
Non-acceptance or part acceptance of claims, multiple litigation or non-cooperation by suspended directors, litigation by government agencies, and delay in the process are some of major issues faced by stakeholders in corporate insolvency resolution process of real estate companies, according to the discussions held during an insolvency professionals’ conclave in New Delhi.
The Insolvency and Bankruptcy Board of India (IBBI) organised the conclave — titled Resolution of Real Estate Projects under Insolvency and Bankruptcy Code, 2016 — on 14 July 2023 at India International Centre, Lodhi Road, New Delhi.
The event attracted overwhelming participation of insolvency professionals. Around 50 Insolvency Professionals and 10 Insolvency Professional Entities participated in the discussions.
Addressing the seminar chief guest Ramalingam Sudhakar, President, NCLT, highlighted the challenges of Real Estate projects under the Insolvency and Bankruptcy Code, 2016 emphasising on the uniqueness of the complex nature of real estate projects. He stressed on the importance of efficiency of the Insolvency Professionals for speedy resolution of any real estate project. He encouraged the Insolvency Professionals to come forward to deliberate on the issues being faced by them in the existing assignments.
The welcome address was delivered by Sudhaker Shukla, Whole Time Member, IBBI. He welcomed the participants and indicated the issues in resolution of a real estate project and the Way forward. The special address was delivered by Ravi Mital, Chairperson, IBBI. He appreciated the efforts of the Adjudicating Authority in improving the number of resolutions under the Code.
NCLT members Laxmi Narayan Gupta, Shri Patibandla Satyanarayana Prasad, Shri Avinash K. Srivasatava, Shri B. V. Balaram Das, Shri Ashok Kumar Bhardwaj, Shri Atul Chaturvedi participated in the Conclave.
The conclave was concluded by delivery of Vote of thanks by Jayanti Prasad, Whole Time member, IBBI. He thanked Chief Guest of the Conclave Hon’ble NCLT President Shri Ramalingam Sudhakar, NCLT members and other stakeholders for their active participation in the discussions on the resolution process of Real-estate projects and for the intellectual discussions during the Conclave and appreciated the learning from these interactions for further introspection and facilitation of early resolution of ongoing cases under the real estate sector.
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