Introduction of Insolvency and Bankruptcy Code, 2016 has decreased the idea of Subordinate Charge as Form H and Section 53 of Insolvency and Bankruptcy Code (“IBC”) recognizes only secured creditors.
A promoter should consider the future security of the buyers. Therefore, a promoter ought to give protected and right quality land administration to their expected clients.
UP-RERA has expressed contentions to issue a show-cause notice to Supertech Realtors under Section 5 (1) of the RERA Act, 2016 to describe why the application for registration should not be refused.
RajRERA Authority issued more than 300 notices to the developers in light of the delay in project completion and is all set to issue more notices to the concerned new developers.
These two judgements would be of great importance because they have paved a way for the transfer of post-notice winding up petitions pending before the different High Courts.
The banks have started issuing an auction notice in respect of real estate projects where the builder has defaulted by not completing the construction of the project. Here we are sharing some remedies for the aggrieved homebuyers.
The pendency of actions under the SARFAESI Act or actions under the RDDBFI Act, 1993 does not create an obstruction for applying Section 7 of Insolvency and Bankruptcy Code 2016, especially given Section 238 of IBC.
A notice of dispute to a claim under the IBC (Section 9), 2016 is not admissible if made over a telephonic communication and not supported by phone records.
NCLAT, New Delhi Bench has held that claims towards rent of leasehold property do not fall within the definition of the operational debt under IBC.
The Hon’ble Karnataka High Court on Oct 25, 2019, stayed the insolvency proceedings on the grounds that the Tribunal lacked jurisdiction to adjudicate a claim for damages.
Aviva Life is a joint venture between Dabur Invest Corp (Dabur group) and Aviva International Holding Ltd. This petition was filed against Aviva by Apeejay Trust for non-payment of rent and other relating dues totaling to over 27 lakh as claimed by Apeejay Trust in their petition.
As compared to RERA in other states Karnataka RERA has been disappointing since the day it got enacted. Builders and homebuyers both remained unhappy for many reasons.
This initiative by RERA will prove to be very fruitful to the homebuyers whose hard-earned money is stuck installed project wherein the builder is absconding or in jail.
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.
Rajasthan RERA get into action at full swing as the appointment of the chairman, other officials and retired judges in the Appellate Tribunal is already done in May.
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