Main reasons for the delay is the spate of litigations by the promoters. Once the CIRP order is passed, the promoters get into the action with the sole objective of getting back the company at a cheaper price.
UPRERA has imposed a cumulative penalty of over Rs 1.93 crore to 14 promoters over non-compliance of its orders under Section 63 of the RERA Act.
Kerala RERA has warned promoters, agents, firms from advertising real estate projects prior to registering the project and also issued show cause notices to few developers which had indulged in such practice.
The HRERA once more in a distinctive and groundbreaking feat attached the properties of the Developer to secure funds to ensure the completion of the Greenopolis Project.
The shareholders and promoters are not the creditors and thereby the resolution plan cannot balance the maximization of the value of assets of the corporate debtor
The powers of the management of controlling the assets of the Corporate Debtor or Company is transferred to the Resolution Professional or the liquidator as the case may be.
The Government has framed these rules for blacklisting developers, contractors and architects responsible for any sort of illegal and unauthorized constructions in Delhi.
The government has made it clear that it doesn’t want any defaulting promoters back until they clear their dues.
The IBC in section 29A bars promoters to take part in bidding process thus making them ineligible for representation in the committee of creditors.
In a landmark judgement which may assist different promoters who are combating to defend their organizations, Mumbai-primarily based laminates maker Shirdi Industries has come to be the first case where a National Company Law Tribunal (NCLT) exceeded an order that allowed the corporation to be surpassed over to the same promoters for implementing the decision … Continue reading “NCLT gives Shirdi Industries to promoters, offers hope to others”
If the promoter fails to follow RERA’s orders, they will have to pay a penalty. This amount could be up to 5% of the evaluated cost of the property. If the Appellate Tribunal’s orders are not complied with, a penalty will have to be paid.
The designation and subsequent empowerment of an Insolvency Professional (IP) within the framework of a Corporate Debtor entail an array of responsibilities primarily focused on the effective management of the corporate entity.
The Insolvency and Bankruptcy legislation is a comprehensive legislation that contains all of the required provisions for providing a haven for business debtors in difficulty.
The Real Estate Regulatory Authority Act, 2016 (hereinafter referred to as RERA Act) intends to provide efficiency and transparency to the real estate market, with one of the key priorities being to defend the interests of purchasers in the real estate sector.
Section 2(b) of the Real estate (regulation and development) act, 2016 (herein after referred to as ‘the act’) defined the meaning of the term ‘advertisement’ as ‘any document described or issued as advertisement through any medium and includes any notice, circular or other documents or publicity in any form, informing persons about a real estate project, or offering for sale of a plot, building or apartment or inviting persons to purchase in any manner such plot, building or apartment or to make advances or deposits for such purposes’.
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