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.
Homebuyers who had taken a loan from the banks to pay for their flats in the Project, were being harassed by the banks who were forcing the homebuyers to pay their EMIs.
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.
An allottee can write a representation addressed to the DM explaining his grievance and praying for the compliance of the RC issued by the RERA within a specified period of time.
The time period of paying the money lapsed, few more months also went by chasing the builder to pay the money as per RERA order but all this begged no results and Homebuyers are forced to knock on the doors of RERA Authority again.
The LokSabha passed the IBC (Second Amendment) Bill 2019, which was first introduced by the Finance Minister Nirmala Sitharaman on 12 December 2019.
A judgement has been held by Hon’ble Supreme Court that the powers of the NCLT under the IBC do not extend to adjudicating disputes relating to quasi- judicial or statutory authorities.
Hon’ble P&H High Court has for now stayed the said amendment from operation and the matter is now listed to be taken up in January 2020 for further orders.
The home buyers have multiple forums to their rescue and it depends on them as to under what procures and act or code they wish to proceed.
Insolvency and bankruptcy Law 2016, has categorised the home buyers debt as financial debt to the real estate company/builder and therefore, homebuyers can claim their dues as bank claims its debt.
Home buyers who had invested in housing projects by JIL, were permitted by the Interim Resolution Professional (IRP) to submit their claims as ‘other creditors’, subordinate to financial and operational creditors of JIL.
Reserve Bank of India’s (RBI’s) controversial February 12 circular that bankruptcy proceedings will kick in 180 days.
In this article we will discuss on the alternatives available to remove the disqualification of directors.
In Gurugram 300 complainants of homebuyers have been received by the authority but no judicial officer has been appointed to grant relief to complainant.
Section 164 of the Companies Act, 2013, provides the events which result in disqualification of directors. For those director who had been disqualified
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