If the non-payment of a clear undisputed amount is being illegally and dishonestly avoided, whilst at the same time very large sums of money are being raised and spent by the same group or carrying on large real estate development projects.
UP RERA has imposed a fine amounting to Rs.1 Crore on ANSAL API for the non-compliance of orders passed by the authority.
Section 10A proceedings are not applicable against the Personal Guarantor under section 95 of the Insolvency and Bankruptcy Code, 2016.
SARFAESI Act allows banks and financial institutions to recover their dues exceeding One Lakh Rupees by proceeding against secured assets of the borrower/guarantor without the intervention of the court/tribunals.
Fall in Non-Performing Assets and Stressed Assets of the Indian Banking Sector have finally resulted in a profit for the first time in 7 years.
A person to whom a debt has been properly assigned or transferred is also included in the definition of “Financial Creditor” under Section 5(7) of the IBC.
The Adjudicating Authorities have affirmed the IBC’s goals through a series of judgments and further proved its prevalence over the other laws of land.
The IBC’s applicability to NBFCs is a welcome legislative effort, and the new rules have extended the RBI’s role in performing an NBFC’s CIRP.
These two judgements would be of great importance because they have paved a way for the transfer of post-notice winding up petitions pending before the different High Courts.
Restructuring plan is a ray of hope for the borrowers. As the borrowers are already being stretched between the loan repayment and pandemic situation.
NBCC took over the project in July on the SC orders after a petition by homebuyers following the Amrapali Group’s failure to deliver more than 30,000 flats in 15 projects. According to NBCC they will hand over at least 150-200 flats every month from august.
The RBI has decided to extend the moratorium period for another 3 months. This move of the RBI is laudable from the perspective of individual homebuyers.
Open parking spaces fall within the definition of common areas in the RERA Act, and hence developers cannot charge homebuyers for open parking spaces.
Real sector is backbone of economy; hence Government is doing every best either in way to introduce new laws or new AIF funds. We advice to make best of this opportunity.
If the resolution applicant wants to retain any of the directors of the corporate debtor the resolution applicant is allowed to retain if the plan proposes the maximum valuation of assets.
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