Apr 7, 2023
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IBC delivers superior value to creditors in real estate
According to a joint report by property consultants ANAROCK and leading law firm, Khaitan & Co, Insolvency & Bankruptcy Code (IBC) has resulted in settlement of 66% of the admitted claims in real estate sector in comparison to just 31% of admitted claims realised in other sectors. Real estate consumers have very important avenue for relief in the form of IBC through which real estate cases are admitted in National Company Law Tribunal (NCLT). An important milestone in the evolution of IBC has been the amendment that gives homebuyers the status of financial creditors. Hence, the homebuyers are considered at par with banks and other institutional creditors -- when it comes to recovering dues from those builders who have gone bankrupt. According to Shobhit Agarwal, MD & CEO, ANAROCK Capital, IBC code has been helping the lenders in securing their dues in a much quicker timespan, it has delivered superior value realisation to the stakeholders of real estate sector compared to other industries. Successfully resolving insolvencies and driving value realisation through this code requires adequate planning and a structured approach. He added that real estate has the highest proportion of ongoing cases under Corporate Insolvency Resolution Process (CIRP), Aashiesh Agarwaal, SVP - Research & Investment Advisory, ANAROCK Capital, observed that the report examines the progress made on marquee cases involving real estate developers, including Unitech Ltd., Ariisto Developers, Supertech Read the full article