We always talk about problems that we face. Let’s talk about the remedy this time. A good legal team will help you in getting justice on time with an effective remedy. Finding the right legal remedy for your dispute is all what you seek during this chaos.
The reason for stalling of a project can be one or many but the real objective for a homebuyer is to get the best possible remedy which protects the interest of all homebuyers of such a project.
The main purpose of the Act lies in enhancing the Transparency between buyer and builder and creating a strong adjudicating system for the disputes arising in real estate sector. An aggrieved homebuyer seeks right legal remedy after getting exploited by the builder.
A simple deal will never have special promises which can’t be fulfilled. It’s a usual tendency for a common man to get lured by special offers but you have to keep in mind that no one is spending a penny from their pockets for doing something extra for you.
whereas legislation like RERA provides for individual remedies against the Builder, the IBC Code gives collective control over the affairs and management of the Corporate Debtor to its financial creditors.
NCLT and RERA have different functioning and approach to tackle cases of homebuyers, often homebuyers are confused on which remedy to choose.
Everyone wishes to live peacefully in a well maintained house of their choice and that is why they invest their life time hard earned money in big projects developed by builders. But does it really fulfill their dreams?
IBC undoubtedly appears to be a better alternative in comparison to RERA. IBC offers a time bound resolution of the grievance of the homebuyers.
More than 5 Lakh homebuyers are struck in the projects which are either stalled for multiple years or has been abandoned. The builder either don’t have money or intention to start construction on such products.
Conciliation forum is one such mechanism to resolve the issues adeptly. But there are several cases in which a conciliation agreement has not been honored by the builders.
Reverse Insolvency Under IBC laws, seems best solution for struck real estate projects and Reverse Insolvency concept is kind good for both homebuyer and builder
Due to COVID-19 the most affected have been the real estate industry as both the demand as well as the supply side has been adversely affected.
NCLT Principal Bench vide its order dated 20.08. 2019 has ordered insolvency proceedings U/S 7 of the Insolvency and Bankruptcy Code, 2016 against Real Estate Developer, M/S Raheja Developers Limited. Every creditor of M/s Raheja Developers need to file their claims before the Insolvency Resolution Professional(IRP).
The aggrieved buyers of the alleged developers had to put a long fight in order to get an FIR registered against the fraudulent directors.
An order passed by the supreme court in favour of the aggrieved home buyers who have been waiting to get justice against named builders of the country which is the AMRAPALI Group and UNITECH.
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