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.
After MahaRERA, UPRERA also has adopted the services of a satellite to monitor the illegal construction and dubious projects being constructed in the state.
The Uttar Pradesh Real Estate Regulatory Authority, Greater Noida Bench had rejected the registration applications of as many as 36 builders.
The all the steps taken by the UPRERA Authority is now finally giving some lucrative results and the long wait of the home-buyers might come to an end.