Main reasons for the delay is the spate of litigations by the promoters. Once the CIRP order is passed, the promoters get into the action with the sole objective of getting back the company at a cheaper price.
UPRERA has imposed a cumulative penalty of over Rs 1.93 crore to 14 promoters over non-compliance of its orders under Section 63 of the RERA Act.
The Finance Minister disclosed that the stimulus package is a 15 step measure, the Tranche 2 announcement on 13th May 2020 disclosed 9 steps so far and that further steps to actualize the goals of AatmaNirbhar Bharat
The HRERA once more in a distinctive and groundbreaking feat attached the properties of the Developer to secure funds to ensure the completion of the Greenopolis Project.
UP RERA has imposed a fine amounting to Rs.1 Crore on ANSAL API for the non-compliance of orders passed by the authority.
Any aggrieved person can take a legal action against the Insolvency Professional who contravenes any of the provisions of the Code or violates or deviates from the professional duty entrusted upon him/her.
The powers of the management of controlling the assets of the Corporate Debtor or Company is transferred to the Resolution Professional or the liquidator as the case may be.
The Government has framed these rules for blacklisting developers, contractors and architects responsible for any sort of illegal and unauthorized constructions in Delhi.
The IBC in section 29A bars promoters to take part in bidding process thus making them ineligible for representation in the committee of creditors.
The Rajasthan Authority imposed penalty upon 4 builders for violating the norms of the Act’ 2016.
Under Section 11 of the Act all the projects in the state are required to compulsorily register under RERA and this number is to be shown in every “advertisement” by the promoter.
The Real Estate Regulatory Authority Act, 2016 (hereinafter referred to as RERA Act) intends to provide efficiency and transparency to the real estate market, with one of the key priorities being to defend the interests of purchasers in the real estate sector.
The parliament in order to regulate this one of the fastest-growing sectors passed “The Real Estate (Regulation and Development) Act, 20164 which came into effect on 1st May 2016.
Proposed Amendments in a circular issued on 18.01.2023, the Ministry of Corporate Affairs has proposed numerous changes in IBC.
Section 18 (1) gives two kinds of rights to the homebuyers i.e. right to get a Refund along with Interest and the Right to get Compensation.
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