IBBI issues structured compliance guidelines for resolution professionals, CoC, and corporate debtors in real estate CIRP cases, emphasizing documentation, timelines, and decision thresholds. The checklist supports implementation of the 66% voting rule for project retention.
IBBI Releases Comprehensive Compliance Checklist for Real Estate CIRP
Alongside the new rules, the Insolvency and Bankruptcy Board of India (IBBI) has issued a detailed compliance checklist for resolution professionals (RPs), Committees of Creditors (CoC), and corporate debtors handling real estate insolvency cases. The document, released on 31 October 2026, outlines procedural mandates, timelines, and documentation standards aimed at streamlining the corporate insolvency resolution process (CIRP) for stalled housing projects.
The checklist emphasizes key compliance touchpoints, including the timely constitution of the Monitoring Committee with allottee representation, disclosure of project-specific financials, and adherence to the 66% voting threshold for decisions on retaining or excluding real estate assets from CIRP. It further specifies reporting requirements for RPs, particularly when seeking CoC approval for asset segregation or continuation of ongoing sales.
Practitioners should treat the document as a de facto procedural guide, though it remains administrative in nature. Courts may refer to it when assessing RP conduct or procedural fairness. The checklist reinforces the need for precision in maintaining meeting minutes and voting records, especially given the heightened scrutiny on CoC decisions affecting allottee interests.
