RERA seems to be on its way to becoming a reality, with most states notifying rules under RERA, and over half of them establishing a permanent authority.
Approaching RERA has been rightly helpful for the homebuyers who have not received the possession or refund of the amount paid by them to the builders or developers.
To enroll as an Insolvency Professional an individual has to qualify the eligibility criteria set under insolvency and bankruptcy code, 2016.
The homebuyers who wish to seek refund of their amount are legally entitled to approach National Company Law Tribunal (NCLT) under IBC.
If there is no assured return plan incorporated into the builder buyer agreement entered into between the homebuyer and builder then the homebuyer had to approach RERA to seek refund.
The voluntary winding up or voluntary liquidation, as the code defines, of the company can take place under section 59 of the IBC.
The shareholders and promoters are not the creditors and thereby the resolution plan cannot balance the the maximization of the value of assets of the corporate debtor
The all the steps taken by the UPRERA Authority is now finally giving some lucrative results and the long wait of the home-buyers might come to an end.
The basic principles of tracking and controlling the cash flow in the organization we going to discuss in this detailed article.
The UPRERA asked the builders to get their sale agreements registered, which will be necessary for the home buyers to seek interest in case of a delay in granting possession by a developer.