Since the real estate projects are the turkey projects and take multiple years to get it completed, a normal delay can be accepted. Any delay of more than 1 year from promised date of possession is regarded as ‘extra-ordinary delay’.
A dispute arose after the completion of the liquidation proceeding and whether the dispute relates to special legislation, such as the Copyright Act, where civil courts have been granted exclusive jurisdiction.
The Adjudicating Authorities have affirmed the IBC’s goals through a series of judgments and further proved its prevalence over the other laws of land.
According to RERA, grievances filed with the authority must be resolved within 60 days of filing. Complaints have been settled more quickly via the conciliation forum than through the authority. It also cuts down on the expense and time of litigation.
The purpose of an information memorandum is to support ‘decision making’ and to make a better decision in a particular problem situation that might otherwise have made without the analysis.
The main purpose of RERA was to enhance builder buyer transparency along with creating a strong adjudicating mechanism to resolve all the disputes in concern with the real estate sector.
No further legal action shall be permissible by creditor, whose claim has been rendered unsatisfied as per the resolution plan.
Disputes between builders and homebuyers in the Maharashtra that went to mediation were successfully settled, preventing time-consuming litigation in RERA Authority.
Many Homebuyers are confused between RERA and Reverse Insolvency, and it’s hard to decide which one is better. So here we are explaining the concept of RERA vs Reverse Insolvency.
Homebuyers while filing the joint petition before NCLT under IBC laws, should chose the legal firm very carefully.
Under this forum, the aim is for the home buyers, builders or real estate agents to get their grievances amicably resolved before filing a complaint with the RERA authority.
There is a reaffirmation that the moratorium granted by the Court does not cover pending criminal litigation.
Homebuyers who have been stuck due to CIRP and were unable to move before any court/ forum can now finally feel relieved and move before the developer company for any grievance.
Consumer Court or MahaRERA: Homebuyers have the option of withdrawing the pending consumer complaint and file before appropriate RERA authorities.
The new framework allows Creditors to continue recovery process with Personal Guarantor after completion of the Corporate Insolvency Resolution Process.
join For Updates