A total of 6,571 companies across sectors were brought into administration until March-end this year

Showed the latest data from the Insolvency & Bankruptcy Board of India (IBBI).

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Out of these cases, about 21% or 1,380 companies were from the real estate sector and of these 854 or nearly 62% companies have seen a successful resolution plan since the inception of the Insolvency & Bankruptcy Code (IBC) in 2016.

On May 17, the New Delhi bench of the National Company Law Tribunal (NCLT) approved Gurugram-based Experion Developers' revival plan for New Delhi builder Dignity Buildcon.

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The possibility of the government bringing in changes to the code to allow resolution depending on the nature of the projects instead of stipulating one rigid framework for the entire property sector is likely to push the performance further, experts said.