Possessing a property in India is one of the extreme achievements and is one of the most profitable investments in India. All this lead to a great boom in the real estate sector which was devoid of any fixed legal regime and was majorly covered by the Consumer Protection Act.
The Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10 on an application made by the applicant.
An 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.
The execution of the orders is still a far fetched process as the RERA has failed to implement the execution mechanism under the RERA.
Approaching RERA has been rightly helpful for the homebuyers who have not received the possession or refund of the amount paid by them to the builders or developers.
The homebuyers who wish to seek refund of their amount are legally entitled to approach National Company Law Tribunal (NCLT) under IBC.
If there is no assured return plan incorporated into the builder buyer agreement entered into between the homebuyer and builder then the homebuyer had to approach RERA to seek refund.