Withdrawal of money by a Company director from the accounts of the company during the CIRP, the same will attract criminal proceedings against the Directors

The RERA Act at present is still a toothless tiger due to lack of execution process of RERA orders. The reliefs under RERA at the moment rest only in paper.

Initiation of the Corporate Insolvency Resolution Process can be done in the name of the Individual who is the owner of a Sole Proprietorship.

Hon’ble P&H High Court has for now stayed the said amendment from operation and the matter is now listed to be taken up in January 2020 for further orders.

Real sector is backbone of economy; hence Government is doing every best either in way to introduce new laws or new AIF funds. We advice to make best of this opportunity. 

The Ministry of Corporate Affairs may soon likely to move amendments to the code, including protection for new buyers and tighter norms for home buyers in terms of taking developers to the NCLT.

In order to avoid rejection of the claims, the filing of claim should be done by an expert person having knowledge of Insolvency laws. 

Centrik is feeling proud to being helping hand to the 144 aggrieved homebuyers to get justice on handover stalled projects. 

In the year of 2016, a new set of laws as RERA Act have been implemented, specifically to protect the homebuyer and ensure the growth of real estate sector.

Since there are various difficulties in getting the order executed. At this point of time, the orders may be executed through RERA and also one can approach NCLT under IBC Law.