Project-wise fund utilisation requires separate real estate accounts, committee reporting, and compliance with real estate fund-use requirements during insolvency.

For every real estate project of a corporate debtor, the interim resolution professional or resolution professional must operate a separate bank account during the corporate insolvency resolution process. Project-wise statements of receipts, payments and other financial information required by the committee must be submitted at appropriate intervals. Fund utilisation requirements under the Real Estate (Regulation and Development) Act, 2016 must be complied with for each project throughout the resolution process.

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