Identifying financial viability as the primary reason for stress in real estate projects, an expert committee headed by former NITI Aayog CEO Amitabh Kant has said judicial interventions such as Insolvency and Bankruptcy Code (IBC) should be used only as a last resort in case of stalled housing projects
The committee had been set up by the Union Housing and Urban Affairs Ministry in March to tackle the problem of incomplete real estate projects following a recommendation made by the Central Advisory Council under the Real Estate (Regulation and Development) Act, 2016.
It submitted its recommendations to Union Minister for Housing and Urban Affairs Minister Hardeep Puri on Monday.
