Any person aggrieved by the decision of NCLT, or is not satisfied with the decision or if there is any mistake or error on part of NCLT then such a person can appeal NCLAT u/s 61 of IBC for its corrections and proper disposal of judgement/order.
In order to file appeals under RERA, the Real Estate Appellate Tribunal (“REAT”) was formed under section 43 of RERA, which examines the legality of RERA orders and determines whether to uphold or reverse the order. The REAT order can also be challenged before the Hon’ble High Court by filing an appeal.
The Hon’ble Supreme Court’s decision is a watershed moment for homebuyers and allottees. A number of findings in the current judgment support this conclusion, including parallel remedies under RERA and the Consumer Protection Act.
Looking upon the pendency of cases, people have to wait for years to get relief even after having all the merits of the case. Let’s Understand What is RERA and RERA procedure.
RERA has a swift dispute resolution system which shows aggrieved a ray of hope in getting justice on time. What’s next once you get the RERA order in your favour?
Main purpose of the Act lies in enhancing the Transparency between buyer and builder and creating a strong adjudicating system for the disputes arising in real estate sector.
The IBC recognizes homebuyers under financial creditors to protect their rights even when a creditor, other than a homebuyer, invokes insolvency proceedings against the builder.
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.
It is advisable to the creditors to make a plea of initiating Group Insolvency while filing an application for initiation of CIRP against a corporate debtor.
Out of the total 45,000 houses in the stalled projects of Amrapali Group, the process of completion of about 40000 housing units has begun. A huge relief to the homebuyers.
In the matter of Mr. Anil Mnagaldas Vade & ors. vs. Siddhitech Developers, the delay in filing an appeal u/s 44 of RERA Act, MREAT allowed delay of 14 months & 22 days to homebuyers.
Consumer Court or MahaRERA: Homebuyers have the option of withdrawing the pending consumer complaint and file before appropriate RERA authorities.
As a aggrieved Homebuyer if builder has filed an appeal against you than don’t feel agitated rather take this opportunity to get the money through the means of RERA Tribunal using Section-43 (5).
Chandigarh consumer commission coming to the rescue of the homebuyers has been able to restore its faith among homebuyers.
To, start with the most common problem that as homebuyers you might have is delayed possession or no construction in the project.
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