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.

Recognition of Home Buyers as Financial Creditors under IBC

Home buyers are vital stakeholders in building projects. Many home buyers book their property in advance which helps builders raise funds for construction and development of the project.

Admissibility of Insolvency Petition filed by a homebuyer

The application filed by the homebuyers under section 7 of IBC shall be maintainable. Therefore the homebuyers are advised to approach NCLT under IBC to recover their stuck money in a time-bound manner.

Can homebuyer approach NCLT before RERA?

RERA has been specifically setup to regulate the real estate sector therefore one must approach RERA before approaching NCLT.

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.

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.

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.

Should Home Buyer under RERA be given preference under Insolvency And Bankruptcy Code, 2016

IBC and RERA Act, enacted in 2016, appear to be pitted against each other as far as protecting the interests of bankers and home buyers are concerned.

Delay in Possession? How to Seek refund under RERA

The delay in projects got converted from months to years shattering the dream of owning a home of many homebuyers. A detailed article on how to get refund from the builders under RERA.

RERA Complaint or FIR if the possession is not delivered by the Builder

A brief and helpful article on RERA and FIR for the homebuyers out there who are cheated by builder and still waiting for the possession.