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When Your Builder Goes Insolvent: Legal Rights & Remedies for Homebuyers

One of the major financial commitments is buying your own home. Unfortunately, in todays’ time, many homebuyers are facing situations where the Builders are unable to complete their Projects on time due to any reason whatsoever, and ends up into insolvency, leaving the homebuyers anxious about losing their investments. If you are also amongst such homebuyers, who are distressed by such a situation and are searching for the right path to get a resolution, you are at the right place.

Rights of Homebuyers under the Insolvency and Bankruptcy Code

Homebuyers could only engage in the IBC procedure as a class of financial creditor. Individual homebuyer rights were absorbed by homebuyer rights as a class.

Homebuyers approach parliamentary committee against ordinance infringing their rights to approach NCLT

Forum for People’s Collective Efforts, has approached the parliamentary standing committee on finance with its objection to a proposed amendment to the Insolvency and Bankruptcy Code.

Consumer Forums of RERA- Which is the best Forum for Homebuyers to file a case?

Legal experts say that aggrieved home buyers file a case in RERA first and then approach the RERA Appellate Tribunal and then the high court and then ultimately the Supreme Court if their dispute is not solved.

Rights and Duties of the Allottees

Neither the promoter nor the allottee can deny such rights & duties as mentioned in this article no matter what has been documented by the Builder or agreed by the Allottee.

Rights of the borrower in case of harassments by the banks

If the debt recovery is based on erroneous information that led to the loss of your score, then you can file a defamation suit against the bank and recovery agency.

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.

Reverse Insolvency- Legal Remedy to Homebuyers as Group to get the Project Completed

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.

A Welcome Step by UPRERA – Makes way for homebuyers aggrieved of Conciliation Agreement

Conciliation forum is one such mechanism to resolve the issues adeptly. But there are several cases in which a conciliation agreement has not been honored by the builders.

REVERSE INSOLVENCY – GOOD FOR ALL (HOMEBUYERS & BUILDER)

Reverse Insolvency Under IBC laws, seems best solution for struck real estate projects and Reverse Insolvency concept is kind good for both homebuyer and builder

How IBC can help Homebuyers to revive stuck projects

There has been no or little knowledge about the functioning of IBC but let us assure you that we have done many matters under IBC and have ended up getting justice for all our home-buyers clients. It is quick, efficient and result oriented.

MahaRERA invokes Force Majure- How and in What way it is Wrong for the Homebuyers?

Such one-sided notification by MahaRERA is a big black mark on the rights of the homebuyers. The notification provided all sorts of protection to developers/builders in terms of payment of interest and delivery of units but it nowhere caters to the difficulties faced by the homebuyers.

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