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.
As per proviso to Section 12 of the IBC, the insolvency resolution process shall mandatorily be completed within a period of 330 days from the insolvency commencement date, including any extension of the period of CIRP granted under Section 12 of the IBC.
The resolution of a dispute via an arbitration mechanism saves time and cost. The proceedings are conducted as agreed by the parties or accordingly. However, if the parties are not satisfied with the award, then it can be challenged also.
Homebuyers who have been stuck due to CIRP and were unable to move before any court/ forum can now finally feel relieved and move before the developer company for any grievance.
The Apex court of the country has denied to put stay on the NCDRC’s order allowing the homebuyers of JayPee Infratech Ltd. to move against the parent company Jai Prakash and Associates for compensation and possession of their respective flats.
The Maha-RERA has dismissed the complaints filed by the homebuyer multiple times with respect same issue.
RERA has been made as the singular authority to deal with the grievances arising out of the real estate sector but there still exists a question. a brief article on NCDRC or RERA.
MahaRERA Authority has passed an order against a developer for non-complying with the mandatory disclosure norms under section 4 of the RERA Act, 2016.
The MahaRERA has imposed penalties ranging from 2 lakhs to 12 lakhs on six developers for not following the obligations mentioned under S.3 and S.11 (2) of the MahaRERA Act
With the growth in Real Estate sector, the no. of issues, complaints and fraud have also increased. Let’s understand the RERA laws and grievance redressal system in Haryana.
There are a few permissions and documents a builder or promoter must have if they are selling flats. Here are the documents that you should check when buying a flat from a builder.
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