In the case of Ashok Tripathi and Anr Vs. Ansal Properties and Infrastructure Ltd. that a decree-holder/homebuyer having refund order from RERA or other courts shall not be deemed as a homebuyer but a financial creditor.
The IBBI has disclosed that work is in progress to amend the IBC to make it compliant with cross border insolvency processes.
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 NeSL was the first Information Utility service registered under the BBI Regulations, 2017 it is one of the three pillars of the IBC system.
The recovery rate has increased almost three times i.e. from 26.5% in 2018 to 71.6% in 2019 and the time taken for recovery improved from 4.3 years to 1.6 years within a short span of one year.
Order deliverd by NCLAT is a relief for creditors to invoke the jurisdiction of IBC and seek appropriate redressal for their long-awaited grievances against the debtor.
The Ministry of Corporate Affairs may soon likely to move amendments to the code, including protection for new buyers and tighter norms for home buyers in terms of taking developers to the NCLT.
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.
The manner of recovery of interest, penalty and compensation and the same is to be carried out in the manner provided in Karnataka Land Revenue Act 1967 and the rules made there under.
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.
As the majority of the builders have not delivered the possession of the property as promised made by them and breached the terms and conditions on the agreement executed with the homebuyers.
According to S.4 of the IBC, the minimum default required to initiate insolvency proceedings against a corporate debtor is Rs. 1 Lakh.
Supreme Court allowed several buyers to join their suit property in order to increase valuation of their dispute and approach the NCDRC however buyers still find it difficult to get timely relief from the NCDRC.
It is advised to the employees to recognize their rights under IBC and approach NCLT to recover their dues in a time-bound manner.
According to the various resources that central government is planning to increase the number of NCLT benches from 11 to 24.
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