THE GOVERNMENT WON'T extend the insolvency regime to new sections of the economy, but will work to stabilise the current corporate insolvency framework with necessary legislative and administrative changes, a senior official told FE.
The ministry of corporate affairs (MCA) is planning to take introduce amendments to the Insolvency and Bankruptcy Code in the Monsoon Session of Parliament, with this objective in mind.
According to the source, the IBC changes with regard to real estate insolvencies would ensure that there is no misuse of provisions. The MCA would to hold consultations with the Real Estate Regulatory Authority over the proposed amendments. "We have to ensure that the proposals don't turn into an incentive for real estate developers (for asset stripping)," said the official.
As part of the amendments, the MCA had proposed a special insolvency regime for real estate under which the resolution process would be restricted to only those projects where the default has occurred, and would not extend to the entire company or other solvent projects.
Bu hikaye Financial Express Mumbai dergisinin April 14, 2023 sayısından alınmıştır.
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Bu hikaye Financial Express Mumbai dergisinin April 14, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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