TaxTMI 
TaxTMI 
8 resolved, 65 settled/withdrawn and 23 ordered for liquidation in insolvency cases under IBC in real estate sector
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.... resolved, 65 settled/withdrawn and 23 ordered for liquidation in insolvency cases under IBC in real estate sector <br>News and Press Release<br>Dated:- 3-8-2021<br><BR>In the insolvency of real estat....
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....e companies, 212 applications pertaining to real estate sector were admitted for Corporate Insolvency Resolution Plan (CIRP) under the Insolvency & Bankruptcy Code (IBC), of these, 8 cases were resolv....
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....ed, 65 cases have been settled or withdrawn and 23 cases were ordered for liquidation and for rest, process is ongoing. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderj....
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....it Singh in a written reply to a question in Lok Sabha. The Minister further said that the insolvency resolution process is market driven and the outcome depends on market forces. The Minister state....
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....d that Insolvency and Bankruptcy Code (the Code) was enacted on 28th May, 2016 and the Insolvency and Bankruptcy Board of India was established on 1st October, 2016 to exercise regulatory functions un....
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....der the Code. Further, the provisions for corporate insolvency resolution process (CIRP) were notified w.e.f. 1st December, 2016.<BR> News - Press release - PIB....