Filing of insolvency petition before NCLT by the Homebuyer- A Complete Analysis
In the year of 2016, a new set of laws as RERA Act have been implemented, specifically to protect the homebuyer and ensure the growth of real estate sector.
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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.
MAHARERA: Auction of the Property to recover the Money of allottees’
Maha-RERA issued a revenue recovery warrant and sent it to the Thane collector. And was forward to the Tehsildar of the area for property sealing and auctioning to recover the money.
The sorry state of execution at Gurugram Bench of HRERA
Gurugram bench of HRERA (Haryana RERA) fails to implement execution process despite being functional for close to one year.
HRERA: Buyers of abandoned project have superior right to satisfy claims
Aggrieved homebuyers from the Piyush colonizer esteemed developer in the past started a housing project in the City of Faridabad, approached the HRERA bench stating their grievance.
Insolvency proceedings by Allottee/Homebuyer
The insolvency and bankruptcy code, 2016 has seen many ups and downs since the enactment but out of all the most long and debatable topic or issue concerning law was pertaining to the rights of Home buyers/Allottee under the code.
NCLT: Voting Threshold in IBC is directive in nature
The NCLT ordered appointment of IRP even though only 50% voting was in favor of the appointment however the requirement is 66% as per the IBC laws.
Benefits for Homebuyer under RERA
RERA Authorities are functional in almost all states. The authorities though being on nascent stage are trying their best to deliver justice to all the aggrieved homebuyers.
No sale to take place without registration with the RERA authority
An awareness camp will be launched by the state RERA authority in order to make the consumers aware about the buyer’s rights under the Act.
Karnataka RERA Authority yet to Implement Format of Agreement for Sale
The Karnataka state government is yet to come out with format to agreement for sale (AOs) as specified under section 84 of the act.
IBC latest amendments have helped small stakeholders but delayed the process
The latest ordinance has brought about a lot of changes to the IBC giving relief to small stakeholders and homebuyers but this relief has caused delays in executing the process.
Pagdi buildings falls under the ambit of RERA or not
Maharashtra Government has decided to bring in tenanted or cessed buildings under RERA. The motive to include these building under RERA ambit is to provide protection to the consumers
RERA impact on Maharashtra
MahaRERA: Maharashtra is the only state to set up a Conciliation Forum as an alternative platform for home buyers and developers to resolve disputes outside the Court.
Rs. 4000 Crore diverted by 11 Noida Housing Projects. Authority issues Notice
An audit of 14 housing projects in Noida, concluded by the international firm M/s Currie and Brown found that amount worth Rs. 4000 crore were being allegedly diverted by builders of 11 housing projects to which the Noida Authority has now issued a notice.
Abetment to Jaypee Infratech’s Bankrupt Consumers
The State Government of Uttar Pradesh has beefed up to provide abetment to the bankrupt homebuyers who have invested their life’s saving.
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