Parliament Question: Misuse of the CIRP mechanism

GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS RAJYA SABHA UNSTARRED QUESTION NO. 2773 ANSWERED ON TUESDAY, MARCH 17, 2026/ 26 PHALGUNA, 1947 (SAKA) MISUSE OF THE CIRP MECHANISM 2773. Shri Deepak Prakash: Will the Minister of Corporate Affairs be pleased to state: (a) whether Government has received complaints in the last one year against some builders regarding fraud, misuse of Corporate Insolvency Resolution Process (CIRP) mechanism and violations of Insolvency and Bankruptcy Code (IBC), IBBI Regulations and FEMA; (b) if so, the details thereof including the names of such builders; and (c) whether IBBI and Serious Fraud Investigation Office (SFIO) are also investigating cases of fraud, cheating, misappropriation of funds etc, and if so, the details thereof along with the names of the builders involved? ANSWER MINISTER OF STATE IN THE MINISTRY OF CORPORATE AFFAIRS AND MINISTER OF STATE IN THE MINISTRY OF ROAD TRANSPORT AND HIGHWAYS [SHRI HARSH MALHOTRA] (a) & (b): The Government and the Insolvency & Bankruptcy Board of India (IBBI) have received complaints against the Insolvency Professionals regarding the Corporate Insolvency Resolution Process (CIRP) of Corporate Debtors that are real estate companies. The details of the complaints received during last one year are attached at Annexure. (c): IBBI takes action against the IPs dealing with insolvency related processes of the real estate companies, as stated above, as per the IBBI (Grievance and Complaint Handling Procedures) Regulations, 2017 and IBBI (Inspection and Investigation) Regulations, 2017. Further, under Section 236(1) of the Insolvency and Bankruptcy Code 2016, the IBBI and the Central Government have the power to file complaints with the Special Court for any offences committed under the Code. In the last one year, Government has ordered investigation by SFIO under section 212 of the Companies Act, 2013 for violations of the provisions of the Companies Act, 2013, in respect of Radius Estate and Developers Pvt. Ltd. and Supertech ORB Project Pvt. Ltd. *****ANNEXURE {Annexure as referred to in part (a) & (b) of the reply to the Rajya Sabha Unstarred Question No. 2773 answered on 17.03.2026} Complaints received by the Government SL. NO. CORPORATE DEBTOR 1. AMRL HITECH CITY LIMITED 2. MANJEERA PVT LTD 3. RNA CORP PVT LTD 4. AMR INFRASTRUCTURES LIMITED 5. DIGNITY BUILDCON PRIVATE LIMITED Complaints received by the IBBI SL. No. CORPORATE DEBTOR 1 A A ESTATE PRIVATE LIMITED 2 AJNARA INDIA LIMITED 3 AKME PROJECTS LIMITED 4 ALCHEMIST TOWNSHIP INDIA LIMITED 5 AMAR PRAKAASH DEVELOPERSS PRIVATE LIMITED 6 AMR INFRASTRUCTURE LIMITED 7 AMRL HITECH CITY LIMITED 8 ANDES TOWN PLANNERS PRIVATE LIMITED 9 ANGLE INFRASTRUCTURE PRIVATE LIMITED 10 ANSAL CROWN INFRABUILD PRIVATE LIMITED 11 ANSAL PROPERTIES AND INFRASTRUCTURE LIMITED 12 ARSS INFRASTRUCTURE PROJECTS LIMITED 13 ASCOT PROJECTS PRIVATE LIMITED 14 AVARSEKAR REALTY PRIVATE LIMITED 15 AVJ DEVELOPERS (INDIA) PRIVATE LIMITED 16 BCC INFRASTRUCTURE PRIVATE LIMITED 17 BEOWORLD PRIVATE LIMITED 18 BHASIN INFOTECH AND INFRASTRUCTURE PRIVATE LIMITED 19 CANOPY ESTATES PRIVATE LIMITED 20 DARSHAN DEVELOPERS PRIVATE LIMITED 21 DIGNITY BUILDCON PRIVATE LIMITED 22 DK INFRASTRUCTURE PRIVATE LIMITED 23 DREAM PROCON PRIVATE LIMITED 24 DREAMZ INFRA INDIA LTD 25 DS KULKARNI DEVELOPERS LIMITED 26 EARTH ICONIC INFRASTRUCTURES PRIVATE LIMITED 27 EMI INFRASTRUCTURE PRIVATE LIMITED 28 FORTUNA BUILDCON INDIA PRIVATE LIMITED 29 GEEKAY COLONIZERS & BUILDERS LTD 30 GRAND VENEZIA COMMERCIAL TOWERS PRIVATE LIMITED 31 HALLMARK INFRASTRUCTURE PRIVATE LIMITEDSL. No. CORPORATE DEBTOR 32 HECTOR REALTY VENTURES PRIVATE LIMITED 33 HOUSING DEVELOPMENT AND INFRASTRUCTURE LIMITED 34 INDIRAPURAM HABITAT CENTRE PRIVATE LIMITED 35 INTERNATIONAL RECREATION AND AMUSEMENT LIMITED 36 J.B.K. DEVELOPERS PRIVATE LIMITED 37 JAIPRAKASH ASSOCIATES LIMITED 38 JASMINE BUILDMART PRIVATE LIMITED 39 JAYPEE INFRATECH LIMITED 40 JSM DEVCONS INDIA PRIVATE LIMITED 41 KAKADE DEVELOPERS PRIVATE LIMITED 42 LEO CREATIONS PRIVATE LIMITED 43 MANJEERA RETAIL HOLDINGS PRIVATE LIMITED 44 MARVEL OMEGA BUILDERS PRIVATE LIMITED 45 MIST AVENUE PRIVATE LIMITED 46 MORPHEUS PRODEVELOPERS PRIVATE LIMITED 47 NEESA LEISURE LIMITED 48 OPULENT INFRA DEVELOPERS PRIVATE LIMITED 49 ORIOR DEVELOPERS AND INFRASTRUCTURE PRIVATE LIMITED 50 OUR CO. INFRASTRUCTURE DEVELOPERS PRIVATE LIMITED 51 PHADNIS PROPERTIES LIMITED 52 PIYUSH COLONISERS LIMITED 53 PROPLARITY INFRASTRUCTURE PRIVATE LIMITED 54 RAJESWARI INFRASTRUCTURE LIMITED 55 RAJGURU DEVELOPERS PRIVATE LIMITED 56 RAJGURU DEVELOPERS PRIVATE LIMITED 57 ROHTAS PROJECTS LIMITED 58 SARGAM BUILDERS PVT LTD 59 SEQUEL BUILDCON PRIVATE LIMITED 60 SHREE RAM URBAN INFRASTRUCTURE LIMITED 61 SHRI NATH RESIDENCI PRIVATE LIMITED 62 SHUBHKAMNA BUILDWELL AND ESTATES PVT. LTD. 63 SNEHANJALI AND S.B. DEVELOPERS PRIVATE LIMITED 64 SRS REAL ESTATE LIMITED 65 SRS REAL INFRASTRUCTURE LIMITED 66 SUNITA DEVELOPERS PRIVATE LIMITED 67 SUPERTECH LIMITED 68 SUPERTECH TOWNSHIP PROJECT LIMITED 69 SWASTIK HOMEBUILD PRIVATE LIMITED 70 THREE C PROJECTS PRIVATE LIMITED 71 THREE C SHELTERS PVT. LTD 72 UNNATI FORTUNE HOLDINGS LIMITED 73 VARDHMAN INFRADEVELOPERS PRIVATE LIMITED 74 VASAVI HOUSING INFRASTRUCTURE LIMITED 75 VIJAYGROUP HOUSING PRIVATE LIMITED 76 WADHWA BUILDCON LLP *****