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According to a rough estimate, there are around 2.4 lakh stressed housing units in the Noida and Greater Noida region, of which around 1.2 lakh flats are yet to be delivered. Possession has been given for the remaining 1.2 lakh units, but registries are still pending.
The rehabilitation package was recommended by the Amitabh Kant panel set up for the purpose and will benefit homeowners of close to 1.2 lakh units that have been given for possession but not registered. Once builders pay the initial 25 percent, the authorities will allow registries of flats that have been delivered but are yet to receive OCs.
To further streamline the corporate insolvency resolution process, the report added that the Ministry of Corporate Affairs has invited comments on changes being considered by the Insolvency and Bankruptcy Code.
Summary One of the key drivers of economic recovery in India will be the efficient movement of capital from inefficient firms to efficient ones. The economic downturn caused by the coronavirus pandemic has been severe, and India’s economy was one of the worst affected in 2020–2021. Though the economy is recovering faster than initial estimates, sustained economic recovery will not take place if stressed businesses cannot restructure their debts properly or if failing firms cannot be resolved efficiently. India’s bankruptcy law is key to solving these challenges. In 2016 India enacted th...