It is just a matter of time that the detailed information with thorough research about the specific loan market and details of methods used by the Banks to exploit the allottees and regarding abuse or malpractices of the Banks to be reported to the commission.

Dishonour of “Security Cheques” is not an offence. A Security Cheque is a cheque issued to a drawee as security or surety, not issued against the repayment of the loan.

The Economic Offences form a separate category of criminal offences. Economic Offences not only victimize individuals with pecuniary loss but can also have serious repercussions on the national economy. Economic offences, such as counterfeiting of currency, financial scams, fraud, money laundering, etc.

IBBI changed the liquidation procedure to be of a fixed duration. The new rules require the process to be completed within one year of its inception.

A writ petition is issued against the proceedings going on in lower courts and in such proceeding, the lower court is exceeding its powers. Once the writ of prohibition is allowed either by the Supreme Court or in High Court the proceedings of the lower court come to an end.

The resolution of a dispute via an arbitration mechanism saves time and cost. The proceedings are conducted as agreed by the parties or accordingly. However, if the parties are not satisfied with the award, then it can be challenged also.

It is important to frame a model builder-buyer agreement to seek out transparency and uniformity and to protect the interest of homebuyers and consumers from builders’ unfair practices.

The apex court held that the Code isn’t a machinery for recovery though its usage in several perspectives still be within the nature of a recovery system.

‘Financial Debt’ would have to be construed to include interest free loans advanced to finance the business operations of a corporate body.

After the registration of the project if any defect comes into light which creates any problem in completion of the project, RERA Act provides remedy for the same.

Section 18(1) of the RERA Act provides for ‘Return of amount and compensation’ which is the base for complaint under section 31 seeking refund, interest and compensation.

A subvention scheme may end up to be a double-barreled if the developer fails to deliver the project on time, the burden of both rent and EMI will must be borne by the homebuyer.

Different forums provide for different reliefs and one must be cautious enough before choosing an appropriate forum. Before choosing the appropriate forum, points to be analyzed are type of violation by the builder, what relief is prayed for, urgency, repetitive nature, financial condition of the builder, status of other projects, etc.

The Haryana State Pollution Control Board (hereinafter referred to as HSPCB) directed Rs. 45.40 crore penalty for violation of the Environment Act provisions. Additionally, the government has proceeded with criminal prosecution against delinquent builder in the environment court of Kurukshetra.

It’s overthree years, around 30 families got possession in one of the eight towers in the Unitech Escape on Golf Course Road (extension) but still didn’t get an occupation certificate.