The SC has already issued notice and sought a reply from Jaiprakash Associates for the same, due to be heard on 17th October, 2020. The apex court took matters into its own hands and ordered for transfer of cases.
The NCLAT held that CIRP against Real Estate Company shall be limited to Project concerned and will not affect other projects of the developers.
Since IBC enactments, it is necessary to consider the hits and misses of this momentous legislation so as to truly exploit the potential of the insolvency regime.
The RERA Authority issued warrants of attachment in respect of Rs 91.41 lakh to four bank accounts of M/s Supertech for deduction of the amount.
The LokSabha passed the IBC (Second Amendment) Bill 2019, which was first introduced by the Finance Minister Nirmala Sitharaman on 12 December 2019.
The HRERA once more in a distinctive and groundbreaking feat attached the properties of the Developer to secure funds to ensure the completion of the Greenopolis Project.
States were directed to establish a regulatory authority, whose work was to overlook the registration process and ensure compliance of the policies of the state.
The Uttar Pradesh RERA Authority keeping up with the spirit of the Real Estate Regulation and Development. That 7th Conciliation Forum of NCR was held by the Uttar Pradesh Real Estate Regulatory Authority recently wherein for the first time a settlement was achieved between the developer company Supertech and 14 Homebuyers.
If any company is not making the payment as per agreed terms, then an insolvency petition may be filed u/s 7 or 9 based upon the facts, before NCLT to initiate the insolvency proceedings.
The authorities of most of the states have passed numerous orders but none of them have been executed in reality. The orders remain on paper and developer/ promoters have not complied the order.
The Jammu and Kashmir government has decided to set up the Real Estate Regulatory Authority in Jammu and Kashmir to promote regulated and planned growth of the real estate sector.
The RERA Act mandated registration with the newly formulated state RERA authorities but the rebate was given to projects which have already procured occupation and completion certificates.
Implementation of RERA is to secure justice for the homebuyers; that now all authorities are coming to full functionality in states all projects should be covered under the Act.
The purpose and the objective for Enacting IBC is different as Compared to RERA Act, which explicitly focuses in resolving land sector disputes.
Since the Haryana government appointed two IAS officers as chairpersons of twin RERA benches, they are yet to accept charge because of pending “technicalities”, keeping the much-anticipated authorities from becoming completely functional.
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