TN-RERA has recently passed an order to the builder to refund the amount with interest along with Rs. 75,000 for compensation and litigation expenses against the Developer for not providing the documents.
Amrapali Group is one of the biggest case where lot of homebuyers were struck. The plight of homebuyers of stuck projects is being heard. Hon’ble Supreme Court while hearing the matter of Amrapali Group, on 01/09/2020, asked SBIcap to issue funds of Rs. 625 Crs from the SWAMIH Investment Fund to complete the pending 6 project of Amrapali Group.
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 RERA Act at present is still a toothless tiger due to lack of execution process of RERA orders. The reliefs under RERA at the moment rest only in paper.
Kerala RERA was formally launched on January 1, 2020. The Authority has also fixed a three-month period for developers to register all ongoing and upcoming projects.
Consumer Court or MahaRERA: Homebuyers have the option of withdrawing the pending consumer complaint and file before appropriate RERA authorities.
A growing number of Builders, Developers, Promoters and stakeholders in the Real Estate Industry are backing RERA to be the first applicable redressal mechanism to homebuyers.
As a buyer if you aware that a project should be registered then you can move a plain application to that effect before the RERA Authority and they shall take a suomoto cognizance over the same.
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.
Don’t keep sleeping on your rights as homebuyers because the newly implemented RERA is here to empower you and before time runs out to go grab your rights.
This article is all about the insolvency process which has been initiated which may include filing of claims, acceptance of claims, making of the committee of creditors and resolution plan
The article speaks about the legal remedy or solution as to how an order passed by RERA or consumer court or others fixing any debts and liability can be executed or honored.
This proactiveness has been further accelerated by the landmark judgment of the Hon’ble Supreme Court in the Pioneer case.
Judgment, which is titled Pioneer Urban Land and Infrastructure Ltd. and Anr. v. Union of India and Ors. upholds the constitutional validity of Section 5(8)(f) of the Insolvency & Bankruptcy Code, 2016 (hereinafter as the ‘Code’).
An employee is an operational creditor and has the right to file an insolvency application against the corporate debtor or employer under section 10 of IBC.
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