The reason for stalling of a project can be one or many but the real objective for a homebuyer is to get the best possible remedy which protects the interest of all homebuyers of such a project.
It is advisable to the creditors to make a plea of initiating Group Insolvency while filing an application for initiation of CIRP against a corporate debtor.
Homebuyers while filing the joint petition before NCLT under IBC laws, should chose the legal firm very carefully.
Filing Claim under IBC- It becomes very important to understand why every creditor should file their claims?
There are certain points which are to be taken into consideration whilst filing a petition for the homebuyers under the newly amended Section 7 of IBC.
New Petitions under section 7 of the Insolvency and Bankruptcy Code will mandatory be required to file default record from the Information Utility as per NCLT directed.
The pendency of actions under the SARFAESI Act or actions under the RDDBFI Act, 1993 does not create an obstruction for applying Section 7 of Insolvency and Bankruptcy Code 2016, especially given Section 238 of IBC.
Real estate (regulation & development) act, 2016 (RERA) came as a sigh of relief for the homebuyers (Financial creditors), providing them with adequate relief unlike available conventional remedies under civil and consumer laws
This article is all about the insolvency process which has been initiated which may include filing of claims, acceptance of claims, making of the committee of creditors and resolution plan
How can a corporate person file for insolvency? the insolvency process for section 10 application, the fees, documents required and other details required to file such an insolvency petition.