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IBC requires urgent reforms to meet demands across various sectors
Court orders and reforms do not compensate for the legislative clarity needed in IBC for sector-specific insolvency processes
Karishma Dodeja Deepali Verma
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According to the newly amended extant regulations for the corporate insolvency resolution process, a committee of creditors (CoC) is entitled to invite a 'competent authority' under Section 2 of the Real Estate (Regulation and Development) Act, 2016 (RERA) to participate in CoC meetings. But the amendment only scratches the surface of a much larger structural issue within the insolvency regime.
Resolution of stressed assets in real estate is complex due to its intricate regulatory landscape and the involvement of multiple stakeholders. By allowing RERA authorities to be present at CoC meetings, the amendment acknowledges the critical role they play in
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