The authority should take proper cognizance and ensure compliance of Recovery Certificates by builders and protect the interest of homebuyers.
Author: Admin
The Applicability of Section 10A of IBC would be Retrospective in Nature
The default occurred after the cut-off date, the NCLAT held that the bar imposed under Section 10A was clearly attracted.
RERA does not bar remedies under Consumer Protection Act: SC
Supreme Court rules that remedies under RERA and Consumer can be pursued by a buyer and one does not bar another. The same has been done in the matter of “M/S Imperial Structures Ltd vs Anil Patni and another”.
Winding up Proceedings will not create any bar for initiation of the Insolvency Proceedings
These two judgements would be of great importance because they have paved a way for the transfer of post-notice winding up petitions pending before the different High Courts.
How to handle legal notice for auction of the Real Estate Project
The banks have started issuing an auction notice in respect of real estate projects where the builder has defaulted by not completing the construction of the project. Here we are sharing some remedies for the aggrieved homebuyers.
SC allowed infusion of Rs. 625 Crs to complete the Amrapali projects
Amrapali Group is one of the biggest case where lot of homebuyers were struck. The plight of homebuyers of stuck projects is being heard. Hon’ble Supreme Court while hearing the matter of Amrapali Group, on 01/09/2020, asked SBIcap to issue funds of Rs. 625 Crs from the SWAMIH Investment Fund to complete the pending 6 project of Amrapali Group.
SWAMIH Investment Fund to provide Rs. 10,000 Crore for 101 Realty Projects
SBICAP Ventures has cleared applications from realty developers for stressed real estate projects investment worth over Rs 10,000 crore.
Registration of default with NESL not mandatory
The NCLT Kolkata Bench imposed a mandatory condition on all the financial creditors to file information of their record of default with the National E-Governance Services Ltd. (NESL).
Haryana government to introduce ordinance for preventing fraud in registry of land
Haryana gvernment is going to bring an ordinance to amend the Haryana Development and Regulation of Urban Areas Act, 1975 for preventing fraud in registry of land.
NCLT Holds Filing of Default Record Mandatory under Section 7 Applications
New Petitions under section 7 of the Insolvency and Bankruptcy Code will mandatory be required to file default record from the Information Utility as per NCLT directed.