IBC is economic legislation and that when it comes to economic legislation, flexibility should be given to the legislature because no economic law can be fool proof at its inception.
IBC was introduced to reorganise, restructure or to consolidate the existing framework into a single law for the purpose of Insolvency and Bankruptcy.
A resolution plan under Regulation 37, shall provide for the measures, for insolvency resolution of the corporate debtor for maximization of value of its assets.
An aggrieved individual has two options: either go to the RERA Tribunal or go to the Consumer Forum & it’s not possible to file a complaint with both the RERA Tribunal and the NCDRC at the same time.
The purpose of an information memorandum is to support ‘decision making’ and to make a better decision in a particular problem situation that might otherwise have made without the analysis.
The main purpose of RERA was to enhance builder buyer transparency along with creating a strong adjudicating mechanism to resolve all the disputes in concern with the real estate sector.
The main purpose of the Act lies in enhancing the Transparency between buyer and builder and creating a strong adjudicating system for the disputes arising in real estate sector. An aggrieved homebuyer seeks right legal remedy after getting exploited by the builder.
An insolvency professional shall make a public announcement immediately on his appointment as an interim resolution professional and that the word ‘immediately’ means not later than three days from the date of his appointment.
The developer requires huge investments for the development of the project for which he approaches banks for financial help and a buyer approach bank to fulfilling his dream to own a house. This is how builder, buyer and the bank get connected in real estate business.
A comprehensive article with analysis as how to handle the demand letters issued by the builders, from time to time to get the money from builders.
The Hon’ble Supreme Court in its latest judgement dated February, 11 2021 declared that the proceedings under Article 32 of the Constitution by a purchaser, seeking relief in respect to a real estate project cannot be entertained.
Any person aggrieved by the decision of NCLT, or is not satisfied with the decision or if there is any mistake or error on part of NCLT then such a person can appeal NCLAT u/s 61 of IBC for its corrections and proper disposal of judgement/order.
In order to file appeals under RERA, the Real Estate Appellate Tribunal (“REAT”) was formed under section 43 of RERA, which examines the legality of RERA orders and determines whether to uphold or reverse the order. The REAT order can also be challenged before the Hon’ble High Court by filing an appeal.
Haryana RERA, Gurugram took some important decisions with respect to the sale of apartments on the basis of carpet area and not super area. It’s a usual real estate practice followed by the developers to cheat homebuyers by selling the units on the basis of super area. Let’s first talk about carpet area and super area.
whereas legislation like RERA provides for individual remedies against the Builder, the IBC Code gives collective control over the affairs and management of the Corporate Debtor to its financial creditors.
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