Supreme Court rules that remedies under RERA and Consumer can be pursued by a buyer and one does not bar another. The same has been done in the matter of “M/S Imperial Structures Ltd vs Anil Patni and another”.
Author: Admin
Winding up Proceedings will not create any bar for initiation of the Insolvency Proceedings
These two judgements would be of great importance because they have paved a way for the transfer of post-notice winding up petitions pending before the different High Courts.
How to handle legal notice for auction of the Real Estate Project
The banks have started issuing an auction notice in respect of real estate projects where the builder has defaulted by not completing the construction of the project. Here we are sharing some remedies for the aggrieved homebuyers.
SC allowed infusion of Rs. 625 Crs to complete the Amrapali projects
Amrapali Group is one of the biggest case where lot of homebuyers were struck. The plight of homebuyers of stuck projects is being heard. Hon’ble Supreme Court while hearing the matter of Amrapali Group, on 01/09/2020, asked SBIcap to issue funds of Rs. 625 Crs from the SWAMIH Investment Fund to complete the pending 6 project of Amrapali Group.
SWAMIH Investment Fund to provide Rs. 10,000 Crore for 101 Realty Projects
SBICAP Ventures has cleared applications from realty developers for stressed real estate projects investment worth over Rs 10,000 crore.
Registration of default with NESL not mandatory
The NCLT Kolkata Bench imposed a mandatory condition on all the financial creditors to file information of their record of default with the National E-Governance Services Ltd. (NESL).
Haryana government to introduce ordinance for preventing fraud in registry of land
Haryana gvernment is going to bring an ordinance to amend the Haryana Development and Regulation of Urban Areas Act, 1975 for preventing fraud in registry of land.
NCLT Holds Filing of Default Record Mandatory under Section 7 Applications
New Petitions under section 7 of the Insolvency and Bankruptcy Code will mandatory be required to file default record from the Information Utility as per NCLT directed.
Insolvency Proceedings Limited to Individual Project and not other Projects of Real Estate Company: NCLAT
The NCLAT held that CIRP against Real Estate Company shall be limited to Project concerned and will not affect other projects of the developers.
Karnataka RERA sets up conciliation cell to settle disputes between Builders and Buyers
Under this forum, the aim is for the home buyers, builders or real estate agents to get their grievances amicably resolved before filing a complaint with the RERA authority.
LokSabha Clears Heavily Contested IBC Amendment Bill 2020
The LokSabha passed the IBC (Second Amendment) Bill 2019, which was first introduced by the Finance Minister Nirmala Sitharaman on 12 December 2019.
Homebuyers approach parliamentary committee against ordinance infringing their rights to approach NCLT
Forum for People’s Collective Efforts, has approached the parliamentary standing committee on finance with its objection to a proposed amendment to the Insolvency and Bankruptcy Code.
Revival of Construction Project from Insolvency
This article aims to caution and summarize the Corporate Insolvency Resolution Process with respect to buyers seeking revival and completion of Project.
Properties of Promoters attached by HRERA to Ensure Completion of Stalled Projects
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.
NCLAT offers fresh lease of life to thousands of homebuyers with Jaypee Order
In a recent order given by the NCLAT, thousands of homebuyers have been given a fresh lease of life as the appellate body has ordered fresh round of …
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