Forum for People’s Collective Efforts, has approached the parliamentary standing committee on finance with its objection to a proposed amendment to the Insolvency and Bankruptcy Code.
The matter is that in a situation where the Applicant is unable to prove the amount advanced as loan without proper documentations, such loan amount would not meet the requirements of a “Financial Debt”.
Kerala RERA was formally launched on January 1, 2020. The Authority has also fixed a three-month period for developers to register all ongoing and upcoming projects.
NCLAT, New Delhi Bench has held that claims towards rent of leasehold property do not fall within the definition of the operational debt under IBC.
There is a certainty that the time-barred debt can be revived even after the lapse of an initial period of limitation which is 3 years.
Bihar RERA authority has taken Suo-Motu cognizance against five promoters and builders with the highest number of complaints.
The resolution plan can be challenged by an aggrieved person as per the grounds mentioned in Sub-Section (3) of Section 61 of the Code.
There is a reaffirmation that the moratorium granted by the Court does not cover pending criminal litigation.
Open parking spaces fall within the definition of common areas in the RERA Act, and hence developers cannot charge homebuyers for open parking spaces.
Once the resolution plan is approved and is implemented under IBC, no issue can be raised at a later stage when resolution Process Costs and fees of the Resolution Professional.