The appeal before the Apex Court was filed by the bunch of employee’s union against the impugned judgment of the Rajasthan High Court whereby, the High Court refused to transfer the winding up proceedings before the NCLT, and further set aside an order passed by the NCLT initiating the CIRP application by virtue of section 7 application filed by the Financial Creditor.
Petition before NCLT can be admitted even if official liquidator has been appointed by the High Court (Held By NCLT and Hon’ble Supreme Court)
Homebuyers who had taken a loan from the banks to pay for their flats in the Project, were being harassed by the banks who were forcing the homebuyers to pay their EMIs.
Kerala RERA has warned promoters, agents, firms from advertising real estate projects prior to registering the project and also issued show cause notices to few developers which had indulged in such practice.
The UP-RERA has now requested the RBI to consider restructuring the loans taken by the builders for the completion of real estate projects.
By the reduction of duties to be paid at the time of registration, the real estate sector would witness the much-needed boost in demand.
It is advisable to the creditors to make a plea of initiating Group Insolvency while filing an application for initiation of CIRP against a corporate debtor.
The MahaRERA in three separate orders directed the CCI Projects Ltd to pay interest on delayed period of possession after the ongoing six-month moratorium due to covid-19 crisis is over.
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.
A milestone judgement by the MahaRERA Authority to ensure the development of the real estate industry by protecting the homebuyer’s interest by balancing the rights of homebuyers as well as project developers.