Real estate project exclusion requires committee approval and a reasoned application within corporate insolvency resolution.

Where a corporate debtor has multiple real estate projects, the resolution professional must place project-wise RERA registration, completion, possession, occupancy, and completed and incomplete unit details before the committee of creditors at its first meeting. The committee may, by at least sixty-six per cent voting share and with recorded reasons, recommend excluding a project from the corporate insolvency resolution process. The resolution professional must then apply to the Adjudicating Authority with those reasons.

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