Arbitration is a dispute resolution process outside the traditional court system, gaining prominence in India due to its efficiency and flexibility. The Act governing the arbitration proceedings in India namely “The Arbitration and Conciliation Act, 1996”.
The arbitrator is a neutral third party who is appointed to resolve a dispute between two or more parties outside the court system. They play a crucial role in arbitration proceedings, which is an alternative dispute resolution method used to settle conflicts.
The parliament in order to regulate this one of the fastest-growing sectors passed “The Real Estate (Regulation and Development) Act, 20164 which came into effect on 1st May 2016.
Some of the legal remedies available for the homebuyers of stalled real estate projects against builders in case of disputes or grievances. Homebuyers can protect themselves from builders in India and ensure that they get their dream home without any hassles.
Mobilization Advance is an Operational Debt and not a Financial Debt referring to the abovementioned Supreme Court Judgement.
The Consumer Protection Act is a wide-ranging provision and it is not a specific resolution like the Insolvency ad Bankruptcy Code and the remedies are simultaneously and mutually exclusive.
Covid-19 being a natural calamity and not having been caused due to actions of any party under a legal contract/agreement shall be treated as Force Majeure for a specific period of time or till the prevalence of lockdown, as and when the same shall be imposed by the Government.
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 choice between ‘arbitration’ and ‘litigation’ is not one that can be made in a vacuum. Arbitration can and should be a flexible and efficient procedure for adjudicating disputes.
There are a number of distinguishing features that often persuade parties to choose arbitration as opposed to court litigation for the resolution of their dispute.
Arbitration is a form of dispute resolution which make both the parties mutually agree on the procedure of arbitration. Arbitration the most efficient form of remedy for settlement of dispute as it saves a lot of time and resources.
In arbitration, whenever a civil dispute arises between two or more parties it is referred to the sole arbitrator or tribunal or three or more arbitrators, which always will be in odd numbers.
The Supreme Court has finally settled the law and has provided relief to all the allottees which were being regularly harassed by the builders under the shed of one sided clauses in the Apartment Buyer’s Agreements.
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.
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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