Search Results for: relief under the IBC

How to Choose Best Legal Firm for Joint Insolvency Petition By Homebuyers

Homebuyers while filing the joint petition before NCLT under IBC laws, should chose the legal firm very carefully.

MahaRERA orders for Refund – Strikes down a Forfeiture clause as unjust and Deceitful

A milestone judgement by the MahaRERA Authority to ensure the development of the real estate industry by protecting the homebuyer’s interest by balancing the rights of homebuyers as well as project developers.

Registration of default with NESL not mandatory

The NCLT Kolkata Bench imposed a mandatory condition on all the financial creditors to file information of their record of default with the National E-Governance Services Ltd. (NESL).

Covid-19 Impact on the Insolvency Bankruptcy Code

In response to the damage done to the economy the Indian Government has placed certain embargoes and granted certain grace periods to help reduce the financial strain caused by the complete shutdown of the economy this includes the three month moratorium that has been given by the RBI regarding payments of EMI.

Period of Lockdown to be Excluded from Insolvency Process- NCLAT

The period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown.

Insolvency does not bar Criminal Action- Madras HC

There is a reaffirmation that the moratorium granted by the Court does not cover pending criminal litigation.

Are Builders more threaten by NCLT proceedings than RERA?

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.

Having Problem with Builder, Approach RERA

To, start with the most common problem that as homebuyers you might have is delayed possession or no construction in the project.

Remedies Available for Homebuyers in Delayed Projects

As a developing country, India had huge prospects for growth in the real estate sector, seeing this many people invested in the sector in good faith.

Filing claims after the lapse of due date

Real estate (regulation & development) act, 2016 (RERA) came as a sigh of relief for the homebuyers (Financial creditors), providing them with adequate relief unlike available conventional remedies under civil and consumer laws

Recovery of Money through Insolvency Laws

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.

Execution of RERA Orders

The execution of the orders is still a far fetched process as the RERA has failed to implement the execution mechanism under the RERA.

Can financial creditor approach NCLT while the petition is pending in NCDRC?

The homebuyers who wish to seek refund of their amount are legally entitled to approach National Company Law Tribunal (NCLT) under IBC.

Persons upon whom the Insolvency code is applied

The code is not applicable to corporates in finance sector. Thus no petition shall be entertained by NCLT filed against Banks, Financial Institutions, Insurance Company, Asset Reconstruction Company, Asset Reconstruction Company, Mutual Funds, Collective Investment Schemes or Pension Funds.

Supreme Court protect interests of Homebuyers in Jaiprakash Infratech Limited case

Home buyers who had invested in housing projects by JIL, were permitted by the Interim Resolution Professional (IRP) to submit their claims as ‘other creditors’, subordinate to financial and operational creditors of JIL.