New Delhi, Nov. 3 -- Insolvency and Bankruptcy Board of India (IBBI), the country's regulator for insolvencies, is exploring reforms on how bankruptcies among real estate companies can be resolved in a way that home buyers are protected.

The plan is to ring-fence stalled projects of developers to protect the remaining financially sound ones, two persons informed about the development said. The bankruptcy resolution currently happens at the company level covering all projects-stressed or otherwise.

The regulator has set up an internal committee and is examining a framework to enable insolvency resolution at the level of individual projects that will leave other well operating projects of the same builder unaffected by the bankruptcy proc...