IBBI proposes to expedite flat ownership transfers in insolvent projects
Bankruptcy Board of India (IBBI) has proposed the transfer of the ownership of a plot or apartment to buyers who owe no dues and are already in possession of them during the bankruptcy resolution of the stressed real estate firm, subject to the approval of the committee of creditors (CoC).
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If adopted, the move, suggested by the regulator in a discussion paper on Thursday, can potentially benefit thousands of home buyers threatened with the prospect of a prolonged delay in the registration of their flats, experts said.
The CoC in case of an insolvent realty firm is typically dominated by homebuyers, as they have the status of financial creditors.
The IBBI has also suggested that resolution professionals be allowed by the CoC to “hand over the possession of units to the allottees on ‘as is where is’ basis or on payment of balance amount, if any, after taking into account the funds due and funds required for completing the unit”.
The idea is to “expedite the resolution process and avoid delays due to unnecessary holds-ups”, the regulator said.
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