Real estate (regulation & development) act, 2016 (RERA) came as a sigh of relief for the homebuyers (Financial creditors), providing them with adequate relief unlike available conventional remedies under civil and consumer laws
It is clear that in case any developer wishes to do any sort of development the same has to be governed by the provisions of the RERA Act .
Possessing a property in India is one of the extreme achievements and is one of the most profitable investments in India. All this lead to a great boom in the real estate sector which was devoid of any fixed legal regime and was majorly covered by the Consumer Protection Act.
This article is all about the insolvency process which has been initiated which may include filing of claims, acceptance of claims, making of the committee of creditors and resolution plan
The quality certificate as under Form 2A and by this the entire process will become transparent and everyone will be assured of the quality of the projects.
The UP-RERA Authority has ordered to revoke the registration of these existing developers whose projects have been standing-out for more than one year.
judgments passed by the High Court, the Supreme Court and even the authorities under RERA/ CPA and IBC, it seems the home buyers have multiple forums to their rescue and it depends on them as to under what procure and act or code they wish to proceed.
As per section 14 of the IBC 2016 and in the above judgments it has been determined that during the moratorium period the invocation of guarantee against the ‘Company under Insolvency Proceedings/ CIRP’ is not only contrary to provision of the IBC 2016 but is also directly against the interest of the company and its stakeholders.
Many builders in Noida and Greater Noida get ready to offer the possession of units to buyers despite the pendency of the Occupation Certificate.
The RERA Act under its ambit provides for the execution in the form of issuance of RC or better known as Recovery Certificate u/s 40 of RERA Act.