new delhi, Dec. 2 -- The government will take up real estate-focused bankruptcy reforms separately, keeping them out of the Insolvency and Bankruptcy Code (IBC) amendments likely to be introduced in Parliament either during the Winter Session starting today or in the budget session, two people aware of the matter said. The decision means structural reforms aimed at protecting homebuyers and resolving stuck housing projects-a major stress point in India's insolvency ecosystem-will wait longer. These measures were expected to address delays and low recovery rates in realty bankruptcies. The ministry of corporate affairs is prioritizing insolvency law amendments that are already in an advanced stage, while real estate-focused reforms will undergo further expert and inter-ministerial consultations before being taken up separately, the people cited above said, requesting anonymity. The IBC (Amendments) Bill, 2025-currently under review by a Lok Sabha select committee headed by BJP MP Baijayant Panda-proposes a creditor-led, largely out-of-court insolvency process for quicker corporate turnaround, faster tribunal admissions, a new framework for group and cross-border bankruptcies, and separate provisions to resolve implementation disputes. The Bill also proposed tighter definition of secured debt to exclude statutory dues that are not backed by an agreement and are created by mere operation of law. Considerable deliberations have already taken place within government on the proposed changes, and the Bill will not be held back to include real estate measures, the officials said. "Chances of the revised IBC (Amendments) Bill making it to either this or the budget session are fifty-fifty," one of the two officials said. Although the Bill is part of the winter legislative agenda, the committee's review is still underway. It is scheduled to consult real estate regulatory authorities on December 5 and may receive more time to finalise its report, originally due "by the first day of the winter session". The government is expected to modify the Bill based on these recommendations. Reforms being weighed separately include project-specific insolvency, safeguards for homebuyers, enabling the SWAMIH fund to complete projects under IBC, and early project registration with local authorities. These deliberations involve the corporate affairs ministry, housing ministry and the Insolvency and Bankruptcy Board of India (IBBI). The proposals stem from the Supreme Court's September 12 directions in the Mansi Brar Fernandes vs. Shubha Sharma case and remain at a preliminary stage. Two committees-one being set up by the government and another under IBBI-will finalise them before a later round of IBC amendments, said the second person. Experts say the bankruptcy code has already significantly strengthened the distressed-asset ecosystem. Queries emailed to the ministry of corporate affairs, ministry of housing and urban affairs, and IBBI remained unanswered....