IBBI Strengthens Project-Level Protection in Real Estate CIRP

The IBBI has substantially strengthened the framework for resolution of corporate debtors engaged in real estate projects. Separate bank accounts and project-wise reporting are now mandatory, while independent technical and cost-to-complete assessments must be obtained before inviting expressions of interest. The amendment also permits the Committee of Creditors to recommend exclusion of individual projects from CIRP, subject to a 66% voting threshold and approval of the Adjudicating Authority. Resolution plans must now address project-wise completion, possession, refunds and conveyance, with enhanced participation of allottees in monitoring.