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.
The Uttar Pradesh Real Estate Regulatory Authority, Greater Noida Bench had rejected the registration applications of as many as 36 builders.
If the collection from allottees in a particular month is less than the installment due to be paid to the lender, the entire amount in the escrow account reportedly goes to lenders.
The former directors of the corporate debtor shall not merely provide the financial status of the corporate debtor but more than that so that they are aware of the terms to which they are bound.
The Hon’ble National Company Law Tribunal (NCLT) has admitted the Insolvency Petition against the EMAAR MGF Land Ltd. filed by one of the homebuyers i.e. Mr. Neeraj Gupta.
The application filed by the homebuyers under section 7 of IBC shall be maintainable. Therefore the homebuyers are advised to approach NCLT under IBC to recover their stuck money in a time-bound manner.
Steps like the appointment of new judges and revamping the whole infrastructure of few NCLT benches shall prove to improve the current status of IBC cases being filed in the nation.
An employee is an operational creditor and has the right to file an insolvency application against the corporate debtor or employer under section 10 of IBC.
The time period of limitation can be extended by various modes, one of them is mere admission of debt. If the corporate debtor admits the debt on some later day then the time period of limitation shall be counted from that day.
If the resolution applicant wants to retain any of the directors of the corporate debtor the resolution applicant is allowed to retain if the plan proposes the maximum valuation of assets.