New Delhi, April 27 -- Real estate bankruptcies may be resolved project by project, and healthy projects of stressed builders spared the bankruptcy court, if a top committee's suggestions bear fruit. The two suggestions are among the committee's 155 recommendations aimed to make real estate rescues more efficient, consistent, predictable and effective, two people aware of the matter said.

The committee, set up by the Insolvency and Bankruptcy Board of India (IBBI), recommended that the ministry of corporate affairs, department of financial services and real estate regulatory bodies jointly lay down the framework for project-wise real estate debt resolution. Completed or substantially completed projects should be excluded from assets avai...