Homebuyers can now Take Possession during CIRP: IBBI Introduces Amendments to IRP of Corporate Persons Regulations, 2016

The IBBI has introduced amendments to the Insolvency Resolution Process (IRP) of Corporate Persons Regulations, allowing homebuyers to take possession during the Corporate Insolvency Resolution Process (CIRP). This move aims to protect the interests of homebuyers who have invested in under-construction projects. The amendments provide a mechanism for homebuyers to obtain possession of their properties during the CIRP, ensuring they are not left in limbo. This decision offers significant relief to homebuyers and enhances the effectiveness of the IBC in addressing real estate insolvencies.