In this article, the authors delve into various aspects of the proposal released by the Insolvency and Bankruptcy Board (IBBI) which aims to fast track and ensure transparency in the insolvency process of Real-estate projects. Firstly, the blog begins by summarising the five proposed amendments that need to be incorporated in the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) and Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2022. Then, the implications are discussed as to how the challenges faced by the homebuyers and other stakeholders are addressed in the proposal for the CIRP process of real-estate. Thirdly, the lacuna which the proposed amendment failed to address is discussed. Finally, it is concluded by discussing the way forward in implementing the proposed amendment to address the needs of homebuyers. Continue reading Reforming Real Estate CIRPs: IBBI’s Step to Protect Homebuyers