New Delhi, Nov. 22 -- The government and the Insolvency and Bankruptcy Board of India (IBBI) are examining if the proposed framework tailored for real estate sector should attempt to resolve financial distress at the level of individual projects or at the level of individual towers within a project, according to two persons familiar with the discussions.

Identifying the exact scope of a proposed new regulatory regime for rescuing distressed assets in the housing sector is a key area of the consultations that the ministry of corporate affairs (MCA) and IBBI have started after the Supreme Court in September ordered coordinated action by all stakeholders to protect the interests of homebuyers and restore confidence in the real estate sector...