(a) whether many builders in the country have gone bankrupt;
(b) if so, the details thereof during the last three years, builder-wise;
(c) the details of process and criterion to declare any company as bankrupt;
(d) whether the Government has held any investigation in this regard to find out the genuine cases of bankruptcy; and
(e) if so, the details thereof and if not, the reasons therefor?
MINISTER OF STATE IN THE MINISTRY OF FINANCE
SHRI P. RADHAKRISHNAN
(a) & (b): It has been informed by the Ministry of Corporate Affairs that it does not maintain any sector-specific (in this case, real estate sector) data relating to the bankruptcy of companies and it has overall administration of the Insolvency and Bankruptcy Code, 2016 as per the Government of India (Allocation of Business) Rules, 1961.
(c): Part II of the Insolvency and Bankruptcy Code, 2016 contains provisions related to insolvency resolution and liquidation of Corporate Persons.
(d) & (e): There is a complete mechanism for Corporate Insolvency Resolution process contained in provisions of the Insolvency and Bankruptcy Code, 2016 and the Government has not conducted any investigation in regard to bankruptcy of companies.