Corporate Debtor May Be Permitted To Complete Project Under IRP's Supervision If A Structured Plan Is Proposed: NCLT Indore

The NCLT, Indore, has allowed a "Reverse CIRP" under the supervision of an Interim Resolution Professional (IRP) after admitting a petition from homebuyers under Section 7 of the IBC. This landmark decision is a significant step towards protecting the interests of homebuyers. Reverse CIRP allows a real estate project to be completed under the supervision of a tribunal, ensuring that homebuyers, who are now considered financial creditors, can get possession of their flats.