National Conference on
“Resolving Real-Estate Insolvencies: Conceptualizing a Sectoral Approach”
Centre For Transnational Commercial Law (CTCL)
National Law University Delhi
Event Report
The Centre for Transnational Commercial Law (CTCL) at National Law University Delhi organized a National Conference on ‘Resolving Real Estate Insolvencies: Conceptualizing a sectoral approach’ on 29th April 2024. The Conference was attended by insolvency professionals, lawyers, professionals, researchers, students working in the area of real estate insolvency. The conference was sponsored by Indian Institute of Insolvency Professionals of ICAI. (IIIPI) and supported by the Insolvency and Bankruptcy Board of India (IBBI)
In the inaugural session,Dr. Risham Garg, Associate Professor of Law and Executive Director, CTCL, introduced the theme, outliningthat it contributes the 2nd most number of insolvencies in India.The conference aims to address the challenges faced by the sector by exploring the concept of a sectoral approach for resolving real-estate insolvencies.
Prof. (Dr.) G. S. Bajpai, Vice Chancellor, NLUDelhi, in his welcome addressoutlined thatthe real estate sector is a critical pillar of the Indian economy, contributing significantly to GDP and employment. He lauded the innovations of our courts on coming up with new concepts to deal with this problem.
Shri Ashok Kumar BhardwajHonourable Judicial Member, NCLT, chief guest for the event delivered the inaugural address, covering the essentail aspects of the Insolvency & Bankruptcy Code and how particularly real estate sector is different and needs special attention of the courts and authority.
The first session was on the topic Real-Estate Insolvencies: Key aspects. The topics discussed include key learnings from the Jaypee Case, issues related to forensics/ PUFE Txns, issues related to the interim finance, issues arising when the land-owner and Real-Estate co. being different and role of Authorized representative.
The following experts were on the panel:
- Shri Ritesh Kavdia, Executive Director, IBBI (Session Chair)
- Anuj Jain, Partner, BSRR & Co. Insolvency Professional
- Anil Goel, Chairman, AAA, Insolvency Professional
- Pooja Vora, Associate VP Legal, SWAMIH Fund SBI
- Anoop Rawat, Partner Shardul Amarchand Mangaldas
- Manoj Kulshreshtha, Insolvency Professional
The second session was on the topic of Project Wise and Real Estate Insolvency. The topics discussed include Key learnings from the case of Winter Hills v Umang Realtech, challenges that the RP face when projects are segregating in insolvency proceedings,
Constituting the CoC in Project CIRP, real-Estate Group with locations across states, Pre-requisites for ordering Reverse CIRP and the Best Practices that can be followed by the stakeholders.
The experts on the panel include:
- Risham Garg, NLU Delhi, as the Chair and Moderator
- Jayesh N. Sanghrajka, Insolvency Professional
- Manish Kumar Gupta, Insolvency Professional
- Vatsala Rai, Partner, AZB & Partners
- Uday Khare, Partner, Cyril Amarchand Mangaldas
- Vaijayant Paliwal, Partner, Shardul Amarchand Mangaldas
The final vote of thanks was delivered by Dr. Risham Garg, who was the conference Director.
The Real Estate Insolvency Conference served as a vital platform for industry stakeholders to gain insights, exchange expertise, and address challenges in the ever-evolving landscape of real estate insolvency. The conference provided ample networking opportunities for attendees to connect with peers, exchange ideas, and foster collaborations. Informal discussions and networking sessions facilitated valuable knowledge-sharing and relationship-building among industry professionals.