The Hon’ble bench Division Bench of Justice Mahesh Grover and Justice Lalit Batra after hearing the arguments on behalf of the petitioners have issued notice to Union of India.
Does RERA have sufficient powers to align with the purpose of the act?
The RERA Authorities of the various States have passed some landmark Judgments as RERA law provides them sufficient powers for the smooth functioning of their duties and role.
More NCLT benches to be set up with the increase in no. of insolvency cases
According to the various resources that central government is planning to increase the number of NCLT benches from 11 to 24.
Jurisdiction and Powers of NCLT
National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) were established due to the notification w.e.f. June 01, 2016, published by Ministry of corporate affairs.
MAHARERA: Auction of the Property to recover the Money of allottees’
Maha-RERA issued a revenue recovery warrant and sent it to the Thane collector. And was forward to the Tehsildar of the area for property sealing and auctioning to recover the money.
RERA: Is refund the only solution for the aggrieved homebuyers?
The RERA authorities of the Various State are not granting refund looking into the wider interest of the Real Estate Sector.
Maintaining the balance of interests of all the creditors
It is to be understood that the objective of IBC is not to provide benefit only to selective creditors but to protect the interests of all the stakeholders.
Execution of RERA Orders
The execution of the orders is still a far fetched process as the RERA has failed to implement the execution mechanism under the RERA.
Power of the government to supersede RERA Authorities
In case the government issues the notification of superseding the Authority it shall give a reasonable opportunity to the Authority to make representations against the notification.
Delay under IBC not Acceptable
If anyone is looking to recover their debts in a time bound manner or resolution of the corporate debtor in a timely manner then IBC provides the necessary redressal.
Effect of Moratorium on Personal Properties of the Promoter given as Security
Only those properties in the name of the corporate debtor shall come under the purview of the moratorium and not the personal properties in the name of the corporate debtor.
Complaints should be taken up by RERA not by NCLT or Consumer Forums
The complaints against the defaulting builders should only be taken up by RERA Authorities of the State before being referred to the NCLT for the insolvency proceedings.
RERA impact on the Real Estate Sector
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.
Balancing IBC and RERA- For protection of homebuyers’ interests
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.
How to become an Insolvency professional?
To enroll as an Insolvency Professional an individual has to qualify the eligibility criteria set under insolvency and bankruptcy code, 2016.
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