The unfairness of real estate bankruptcy resolution

'Real estate bankruptcy laws ought to be completely overhauled to right this egregious wrong', said the author

real estate, realty, construction, sales, people, flats, buildings, concrete, vendors, developers, builders

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Debashis Basu

5 min read Last Updated : Aug 15 2021 | 10:21 PM IST

C&C Towers Ltd (CCTL) signed a 20-year concession agreement with the Greater Mohali Area Development Authority (GMADA) in April 2009 for an inter-state bus terminal, three multi-storey towers with retail and office spaces, a multiplex, a five-star hotel, a banquet hall, hypermarkets, and a helipad on top of one tower. CCTL immediately gave an advance of Rs 110.78 crore as pre-construction advance and Rs 63.30 crore as mobilisation advance to a group company C&C Construction Ltd (CCCL, a listed firm which is also bankrupt). As always, a bunch of public sector banks — State Bank of India (SBI), State Bank

Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

Topics : IBC BS Opinion Real Estate Insolvency and Bankruptcy Code

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