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 Authority can grant extension in non-Force Majeure condition also by recording its reasons in writing and the same cannot be done for more than one year.
The Apex court of the country has denied to put stay on the NCDRC’s order allowing the homebuyers of JayPee Infratech Ltd. to move against the parent company Jai Prakash and Associates for compensation and possession of their respective flats.
RERA Act has already been functional in all cities of NCR for almost 2 years now and still, such big numbers can be seen; the question that arises is whether the courts will be able to tackle such injustice or the buyers will be left in the lurch again.
The fees to be paid by the promoter/builder in case of registration of the Real Estate project with the RERA Authority which is a mandate under Section-3 of the Act.
A welcome move by the HRERA authority as it creates a balance between both the parties and is justifies for the aggrieved buyers who had to in worst case of scenario had to give up their full earnest money.
NCALT in the appeal filed in the matter of Kamineni’s reversed the order passed by NCLT and remanded the matter back to go through the liquidation process.
The RERA authority of Maharashtra ordered a builder to refund an amount of Rs. 1.8 Crore to a homebuyer because after the passage of two years the builder failed to register agreement to sale and had already charged 30% of the price.
MAHARERA keeping up with the spirit of the Act recently has passed an order asking the builder to pay a sum of Rs.1.5 Lakh as penalty to the RERA authority for not registering the sale agreement.
While dismissing the complaint the authority observed that both the Section i.e. 12 and 18 operate at two separate times of the transaction.