Being the least expensive and less time-consuming, Mediation is popular ADR in India. The mediator plays the role of a neutral party who helps the parties to have direct communication and assists in exploring the options and a mutually accepted agreement.
Harassment by the bank and agents are situation which makes an individual suffer through mental and sometimes physical damage too. Keeping such situation in mind a conduct is been laid for the agents to perform under.
Gujarat High Court dismissed Essar Steel’s petition and refused to grant any of the reliefs sought by Essar Steel. The Gujarat High Court moved quickly and efficiently, and the order was issued within 10 working days of Essar Steel’s filing of the case.
The NCLAT held that CIRP against Real Estate Company shall be limited to Project concerned and will not affect other projects of the developers.
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.
A growing number of Builders, Developers, Promoters and stakeholders in the Real Estate Industry are backing RERA to be the first applicable redressal mechanism to homebuyers.
NPA War: The major buyout of debt-ridden Bhushan Steel by a Tata Group company and many more to come under the Narendra Modi-led government’s IBC reform.
As one of the most eventful quarters for banks comes to a close, lenders’ balance sheets are hit by a triple whammy that could take them a while to recover.
Outsource your work to debt recovery management organizations who while maintaining the harmony of your business relations will realize your debts with their expertise.
The Reserve Bank of India has suggested banks to report for insolvency complaints on their very own rather than watching for its commands.
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.
Section 7 of the Code permits a financial creditor to initiate a CIRP procedure against the guarantor being a corporate debtor in accordance with the default committed by the principal borrower.
Under Section 7 of the IBC, this amendment allowed the home buyer to initiate insolvency proceedings against defaulting Promoters. However, the Insolvency Amendment 2018 was challenged in the Supreme Court of India by approximately 200 realtors.
IBC was introduced to reorganise, restructure or to consolidate the existing framework into a single law for the purpose of Insolvency and Bankruptcy.
NCLT and RERA have different functioning and approach to tackle cases of homebuyers, often homebuyers are confused on which remedy to choose.