The term Moratorium is nowhere defined in the Code, however, the term in basic parlance means, ”a stopping of activity for an agreed amount of time”.
In the case of Ashok Tripathi and Anr Vs. Ansal Properties and Infrastructure Ltd. that a decree-holder/homebuyer having refund order from RERA or other courts shall not be deemed as a homebuyer but a financial creditor.
As per the settled law there is no law or provision which states that either the Adjudicating or the Appellate Authority has the powers to question the resolution plan approved by the COC until and unless the same is barred by some irregularity.
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.
The claims can be filed before the Resolution Process will be closed, but in the same case, the Creditor cannot become a part of the COC without filing the claim.
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.
It was held that if the dispute is raised after the time period allowed in the demand notice, then this may not be a ground for rejecting the insolvency petition by operational creditor.
UPRERA has deregistered a promoter/developer over financial irregularities, money laundering, double allotment of flats, diversion of funds and for many other reasons.
13000 complaints have been filed with UPRERA out of which 7000 complaints have been disposed within a span of almost 8 months.
The builders who have just simply vanished or are in jail or have eloped due to major bungling done by them, the judicial process of such projects becomes a little difficult.