MUMBAI: Small and mid-sized real-estate developers are increasingly turning to bankruptcy courts to acquire distressed property companies, seeking an alternative to buying increasingly expensive land in major cities, legal and industry sources said. Developers that once competed for land parcels or redevelopment mandates are now bidding for companies that come with projects, development rights and, in some cases, valuable urban assets under the Insolvency and Bankruptcy Code. In the past quarter alone, the National Company Law Tribunal (NCLT) benches across the country have approved more than a dozen such real-estate acquisitions.
