New Delhi, Sept. 18 -- A Supreme Court order of 12 September has drawn the resolution of stressed housing projects into focus. The court made several suggestions on protecting the interests of homebuyers while resolving such cases. But there might be a case for considering other solutions too.

The court's emphasis on getting houses built for their handover to buyers is entirely welcome. However, the idea of resolving insolvency project by project, rather than of the corporate entity as a whole under the Insolvency and Bankruptcy Code (IBC), might prove unhelpful.

To stop developers using money taken from one set of homebuyers for expenditure on another project, the Real Estate Regulation Act had mandated separate accounts for each. But ...