Reverse CIRP and its Modus Operandi- An Extraneous concept to IBC Regime

The constitution of COC for one project instead of all is against the regular practice of CIRP. In the past two years, the NCLAT has passed similar orders in various cases and called them Reverse CIRP.

Karnataka High Court orders for interim stay on the recovery of EMI from Homebuyers

The Karnataka High Court on 16.11.2021, allowed a deferment of all loan repayments, and directed the bank not to recovery the home loan and refrain from take any coercive action.

UP-RERA has decided to issue a show-cause notice against Supertech Realtors

UP-RERA has expressed contentions to issue a show-cause notice to Supertech Realtors under Section 5 (1) of the RERA Act, 2016 to describe why the application for registration should not be refused.

UP-RERA Penalises Supertech, Mahagun and other Projects and Revokes the Third Project of Ansal API

UP-RERA has taken this step to ensure that homebuyers’ interests are effectively protected and that the RERA Act’s provisions are followed.

How to handle legal notice for auction of the Real Estate Project

The banks have started issuing an auction notice in respect of real estate projects where the builder has defaulted by not completing the construction of the project. Here we are sharing some remedies for the aggrieved homebuyers.

Haryana RERA attaches 4 bank accounts of Supertech

The RERA Authority issued warrants of attachment in respect of Rs 91.41 lakh to four bank accounts of M/s Supertech for deduction of the amount.

Government Announces RS. 25,000 Crore Relief Fund for Homebuyers

The government has shown grave concern regarding pendency in the real estate sector and announced a government-funded stress fund for unfinished projects.

Supertech agrees to handover the possession by December 2019 at 7th UPRERA Conciliation meet

The Uttar Pradesh RERA Authority keeping up with the spirit of the Real Estate Regulation and Development. That 7th Conciliation Forum of NCR was held by the Uttar Pradesh Real Estate Regulatory Authority recently wherein for the first time a settlement was achieved between the developer company Supertech and 14 Homebuyers.

Real Solution for Real Estate Insolvencies

The major challenges in the insolvency resolution of real estate companies arise from the peculiarities of this sector, especially since the divergent interests of the allottees of the real estate projects do not align with the scheme of the CIRP.

The Conundrum of Reverse Corporate Insolvency Resolution Process

Reverse CIRP is still in an experimentation process and we should wait for more cases in which Reverse CIRP is applied and then observe its effect.

Rajasthan RERA issues notices to developers for delay in projects

RajRERA Authority issued more than 300 notices to the developers in light of the delay in project completion and is all set to issue more notices to the concerned new developers.

RERA Imposes Rs 2.5 Crs penalty on developers for failure to comply the RERA orders

UPRERA Authority has imposed penalty of Rs 2.5 crore against 11 developers for failing to comply with the authority’s order, which were in favor of homebuyers.

Banks cannot auction defaulting projects without allottees’ consent- HARERA

HARERA has barred the auction of a loan-defaulting project by bank to recover damages without prior adjustment of allottees’ dues.

Haryana Government Revives Dying Hope of Mayfield Buyers by Constitution of SIT

The Haryana Government has come to rescue the dying hope of Mayfield homebuyers who must have been running poll to pillar for enforcement of their rights.