Blogs

The homebuyers can file a petition against the builder or developer to commence Corporate Insolvency Process or not.

Homebuyers to file the claim under IBC rather than adopting a way which is not legally realistic wherein the insolvency orders are passed against the builder’s company.

Homebuyers who have been assured of committed returns from the developer could trigger IBC as a financial creditor under section 7 whereas all the homebuyers have been granted the right to represent themselves as a participant of the committee of creditors.

The question arises whether after granting the registration the authority can cancel or revoke it if the promoters are not complying with the requirements of the Act or the Rules?

Goa has written to the MahaRERA Authority with the proposal to its appellate tribunal to hear appeal cases on behalf of Goa RERA.

Issues arise that if the project is a new project then it is mandatory for the promoter to get it registered before marketing the same. But what if the project is an ongoing project?

Not only domestic but also NRI took breath of peace for the first time since first time Judiciary Came to rescue for their interest and safety for the money they invest.

The Jammu and Kashmir government has decided to set up the Real Estate Regulatory Authority in Jammu and Kashmir to promote regulated and planned growth of the real estate sector.

The UPRERA authority planning to cancel the RERA registration or take over the projects if the concerned builders don’t come around finishing the projects.

The officers and managers of the Corporate Debtor, shall report to Resolution Professional. They shall provide him all the documents or records as required by him in the course of his duties.

Any aggrieved person can take a legal action against the Insolvency Professional who contravenes any of the provisions of the Code or violates or deviates from the professional duty entrusted upon him/her.

A detailed article on Key highlights of Insolvency and Bankruptcy Code, 2016 by Insolvency Professionals.

MahaRERA had setup a Conciliation Forum for aggrieved homebuyers who can approach the forum to get their grievances solved, before lodging complaints with the MahaRERA.

Real estate across the country is already witnessing signs of revival. In the last couple of quarters in this financial year, sales have witnessed more than 20% improvement over last year.

Insolvency is just the state where the financial inability is reached whereas the bankruptcy is the realization and announcement of that the state of being insolvent.