b. Participation of land authorities in CIRP
Statutory bodies, such as those holding rights over leased land, are often seen to delay the resolution. A recent instance is the Supreme Court’s decision to halt the implementation of NBCC’s approved resolution plan for Supertech, following petitions from the company’s promoters and the Yamuna Expressway Industrial Development Authority.
Pursuant to the amendment, the CoC can invite relevant land authorities to their meetings for inputs and perspectives on regulatory and land development-related matters. Thus, the need to include these statutory authorities in CoC meetings though without voting rights, allows the successful resolution applicants to navigate these complexities quite early in the process, reducing the potential of any conflicts.
Additionally, the resolution professionals are now required to submit a detailed report on development rights, approvals and permissions within 60 days of CIRP initiation.
