Offences and Penalties under RERA
The RERA Act is the best reform happened for the homebuyers. If in any situation a dispute arises, the offences, procedure and penalty is being clearly stated.
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SC: Delegation of adjudication to a single member of authority is not dehors to law
The Newtech Promoters and Developer filed an appeal before Supreme Court against an Allahabad High Court order which dismissed its plea against an order of a single member of the Uttar Pradesh Real Estate Regulatory Authority.
Karnataka-RERA warned 373 projects to complete before deadline ends
Karnataka Real Estate Regulatory Authority (hereinafter referred to as K-RERA or authority) has given a deadline extension for the projects that were supposed to be completed in April or later to September 2021.
Subvention Scheme and The Risks Associated
Before signing on subvention agreement the buyers must read the agreement thoroughly to avoid any mishappening in future.
UP RERA Extend Delivery Date by Nine Months
UP RERA, considering the surge of Covid-19 and restrictions imposed on construction due to an increase in pollution, has extended the registration of the projects, by default, for which no promoter has to file an application before the Authority.
No modification or withdrawal of resolution Plan after submission to NCLT : SC
The Adjudicating Authority cannot allow or approve the application regarding modifications or withdrawals of CoC-approved Resolution Plans once the plan has been submitted before NCLT.
File Complaint against Builder before The Economic and Offences Wing (EOW)
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.
Voluntary Liquidation
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.
Subvention Scheme: A Crisis for Homebuyers
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.
How RERA and NCLT would be a solution for stuck projects
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.
Status of claims that do not form part of the Resolution Plan
Claims that do not form part of the resolution plan will be extinguished on the date of the adjudicating authority’s acceptance of the resolution plan. This ruling has reaffirmed the IBC’s goal, which is for the Corporate Debtor to start over with a clean slate based on the resolution plan.
AA has limited power of judicial review if resolution plan is approved by CoC: SC
Supreme Court’s decision in Maharashtra Seamless Limited shows that the commercial wisdom of the CoC will be given top priority when deciding on the feasibility and viability of the resolution plan.
CoC is empowered to consider revised financial offers keeping in mind the time limit set out by law: NCLAT
The NCLAT had to decide whether the NCLT/CoC may provide resolution applicants repeated chances to alter their individual resolution plans and whether the CoC was authorised to entertain fresh or revised resolution plans without exhausting available bids.
Prosecution u/s 138 of NI Act cannot be quashed on grounds of acceptance of CIRP: Madras HC
If the corporate debtor’s resolution plan was authorised and declared binding on the corporate debtor and its workers, members, creditors, guarantors, and other stakeholders under Section 31 of the Code, criminal proceedings under Section 138 will continue.
Jurisdiction in Copyright dispute arising from CIRP can be decided only by NCLT: Delhi HC
A dispute arose after the completion of the liquidation proceeding and whether the dispute relates to special legislation, such as the Copyright Act, where civil courts have been granted exclusive jurisdiction.
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