Project-wise finances: A separate bank account must be kept for each real estate project. The RP must place project-wise receipts and payments statements before the CoC, and RERA fund-utilisation requirements must be complied with during CIRP.
Exclusion of projects: For CDs with multiple projects, the RP must place project-wise information (RERA registration, stage of completion, possession and occupancy status, unit details) before the CoC at its first meeting. The CoC may recommend exclusion of a project from CIRP with at least 66% voting share and recorded reasons, and the RP then applies to the AA.
Technical and cost-to-complete assessment: With CoC approval, the RP must appoint independent professionals to assess each project before inviting EOIs. The assessment forms part of the IM, and its cost forms part of CIRP costs.
IM disclosures: The IM must carry detailed project-wise information, including unit and inventory status, approvals, encumbrances, litigation, regulatory status and the RERA account balance. It must also cover allottees who have not filed claims and the relief preferences of allottees.
Authorised representatives (ARs): Choice of ARs must be accompanied by brief profiles and their roles and duties. ARs must submit minutes of their meetings with creditors to the RP for the next CoC meeting, and CoC minutes must record the ARs’ views.
Monitoring committee: Where the CD has real estate projects, the committee must include the AR (or another allottee representative chosen by majority vote), and RERA and the competent authority representatives, subject to their agreement
Resolution plans: Plans must give project-wise unit details, the treatment of allottees’ claims (including non-claimants), project, phase or tower-wise completion timelines, and periodic progress reporting to the monitoring committee.
Handover of possession: The CoC may approve homebuyer handover requests individually or give an in-principle approval authorising the RP to process them during CIRP, including facilitating registration under Regulation 4E.
Other changes: The RP continues in office until the AA decides a Section 12A withdrawal application. The confidentiality obligation on valuation now extends to valuation reports, in addition to fair value and liquidation value.
