the orders passed by Rajasthan RERA that the Bank after exercising their rights over the real estate project under Section 13 of the SARFAESI Act becomes the assignee of the builder and are amenable to the jurisdiction of the RERA Authority.
The allottees long waiting for justice will now be able to secure the relief with the speedy process of hearing by single member benches.
The Karnataka High Court on 16.11.2021, allowed a deferment of all loan repayments, and directed the bank not to recovery the home loan and refrain from take any coercive action.
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.
If the non-payment of a clear undisputed amount is being illegally and dishonestly avoided, whilst at the same time very large sums of money are being raised and spent by the same group or carrying on large real estate development projects.
Under Section 7 of the IBC, this amendment allowed the home buyer to initiate insolvency proceedings against defaulting Promoters. However, the Insolvency Amendment 2018 was challenged in the Supreme Court of India by approximately 200 realtors.
The Supreme Court of India has cleared the way for lenders to file insolvency proceedings against personal guarantors of stressed companies, who are typically promoters.
Gujarat High Court dismissed Essar Steel’s petition and refused to grant any of the reliefs sought by Essar Steel. The Gujarat High Court moved quickly and efficiently, and the order was issued within 10 working days of Essar Steel’s filing of the case.
The Supreme Court did not agree to the payment of amounts deposited by the promoter to homebuyers on the grounds that it would be preferential payment to one class of creditors.
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.
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.
RERA has a swift dispute resolution system which shows aggrieved a ray of hope in getting justice on time. What’s next once you get the RERA order in your favour?
Hon’ble High Court once again demonstrated its power to command the concerned authorities to execute the process of law and to grant relief to the innocent.
Every project where the development work is still not completed at the time of the commencement of the RERA Act, will be considered as an ongoing project whether or not the application for completion certificate is filed before a competent authority.
The High Court of Punjab and Haryana finally settles the dispute of granting refund under RERA. The High Court in a detailed judgment has finally decided the matter in favour of RERA Authority and has ruled that RERA Authority will have power to grant refund and possession and Adjudicating officer will only have limited power with respect to granting Compensation.
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