India, April 9 -- A committee of the Insolvency and Bankruptcy Board of India (IBBI) has recommended the need to shift from an entity-centric, recovery-focused framework to a project-centric, completion-driven approach, along with stronger coordination between the Insolvency and Bankruptcy Code (IBC) and the Real Estate (Regulation and Development) Act, 2016.

The committee's report, released on April 8, said that it recommends that the corporate insolvency resolution process (CIRP) in the real estate sector "should ordinarily be admitted on a project-wise basis, with each real estate project treated as an independent economic unit for the purposes of insolvency admission and resolution".

The Committee on Framing Guidelines for Insolvenc...