More than 5 Lakh homebuyers are struck in the projects which are either stalled for multiple years or has been abandoned. The builder either don’t have money or intention to start construction on such products.
NBCC took over the project in July on the SC orders after a petition by homebuyers following the Amrapali Group’s failure to deliver more than 30,000 flats in 15 projects. According to NBCC they will hand over at least 150-200 flats every month from august.
The Consumer Protection Act, 1986 provides for redress against unfair trade practices and a false or misleading advertisement becomes an unfair trade practice under the provisions of the law.
Philanthropic step to waive off the interest over the outstanding amount on pending payments from homebuyers and allow something called as interest holiday by the Parsvnath Developers along with its associate companies.
The outbreak of COVID-19 has adversely affected the real estate sector. This current situation gave massive disappointment and distress to the homebuyers
In the matter of Mr. Anil Mnagaldas Vade & ors. vs. Siddhitech Developers, the delay in filing an appeal u/s 44 of RERA Act, MREAT allowed delay of 14 months & 22 days to homebuyers.
Forum for People’s Collective Efforts, has approached the parliamentary standing committee on finance with its objection to a proposed amendment to the Insolvency and Bankruptcy Code.
Central Govt. passed an ordinance by which they brought in a cap on number of homebuyers approaching the NCLT under Section-7 of the IBC code, 2016.
The latest government data shows that how IBC is a huge change brought by the recent government in terms of a speedy redressal for the aggrieved homebuyers.
Hundreds of homebuyers in Karnataka have been left in the lurch as they still haven’t received compensation from the developers. The Karnataka RERA has already passed orders against these errant developers and penalized them for not delivering possession
Centrik is feeling proud to being helping hand to the 144 aggrieved homebuyers to get justice on handover stalled projects.
All the struck–off companies can approach NCLT under section 252 of the company act for the revival of the struck-off company against the order of ROC.
A brief of verdict given by the Supreme Court on July 23, that the Amrapali Group has violated the doctrine of public trust by permitting diversion of funds of homebuyers.
In UP RERA, a separate department has now been made to look into the matters where the execution of the order has not been done.
Steps like the appointment of new judges and revamping the whole infrastructure of few NCLT benches shall prove to improve the current status of IBC cases being filed in the nation.
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