Contradictions between The RERA and IBC
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.
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The Applicability of Section 10A of IBC would be Retrospective in Nature
The default occurred after the cut-off date, the NCLAT held that the bar imposed under Section 10A was clearly attracted.
SEBI Fines Kalpbut Real Estate for Illicit Fund Raising
SEBI ordered Kalpbut Real Estate to refund the illegally raised Rs 15 crore back to investors along with 15 per cent interest annually on the refund amount.
PETITION BEFORE NCLT CAN BE ADMITTED EVEN IF A LIQUIDATOR HAS BEEN APPOINTED BY THE HIGH COURT
Petition before NCLT can be admitted even if official liquidator has been appointed by the High Court (Held By NCLT and Hon’ble Supreme Court)
How IBC is Better than RERA for Homebuyers
IBC undoubtedly appears to be a better alternative in comparison to RERA. IBC offers a time bound resolution of the grievance of the homebuyers.
Best Legal remedy for Stalled Real Estate Project – A Comparison
More than 5 Lakh homebuyers are struck in the projects which are either stalled for multiple years or has been abandoned. The builder either don’t have money or intention to start construction on such products.
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).
Lack of Execution under RERA- Another roadblock for Homebuyers
The time period of paying the money lapsed, few more months also went by chasing the builder to pay the money as per RERA order but all this begged no results and Homebuyers are forced to knock on the doors of RERA Authority again.
NCLT Holds Filing of Default Record Mandatory under Section 7 Applications
New Petitions under section 7 of the Insolvency and Bankruptcy Code will mandatory be required to file default record from the Information Utility as per NCLT directed.
3 Years since IBC- A road to Success
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.
All About- Moratorium and its relevance under IBC
The term Moratorium is nowhere defined in the Code, however, the term in basic parlance means, ”a stopping of activity for an agreed amount of time”.
Decisions taken by the committee of Creditors are Business plans which are Non-Justiciable: NCLAT
As per the settled law there is no law or provision which states that either the Adjudicating or the Appellate Authority has the powers to question the resolution plan approved by the COC until and unless the same is barred by some irregularity.
Withdrawal of money by directors during the CIRP, to attract criminal offence: NCLAT
Withdrawal of money by a Company director from the accounts of the company during the CIRP, the same will attract criminal proceedings against the Directors
How to Execute RERA Order through NCLT under IBC
The RERA Act at present is still a toothless tiger due to lack of execution process of RERA orders. The reliefs under RERA at the moment rest only in paper.
LokSabha Clears Heavily Contested IBC Amendment Bill 2020
The LokSabha passed the IBC (Second Amendment) Bill 2019, which was first introduced by the Finance Minister Nirmala Sitharaman on 12 December 2019.
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