Blogs

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.

The IBC recognizes homebuyers under financial creditors to protect their rights even when a creditor, other than a homebuyer, invokes insolvency proceedings against the builder.

The default occurred after the cut-off date, the NCLAT held that the bar imposed under Section 10A was clearly attracted.

Every project where the development work is still not completed at the time of the commencement of the RERA Act, will be considered as an ongoing project whether or not the application for completion certificate is filed before a competent authority.

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”.

A decision by the authority is a fundamental step towards constraining the real estate agents from exploiting extra money from buyers and sellers. The brokerage being fixed will turn down the chances of overcharging ultimately protecting the interest of homebuyers.

SEBI ordered Kalpbut Real Estate to refund the illegally raised Rs 15 crore back to investors along with 15 per cent interest annually on the refund amount.

The High Court of Punjab and Haryana finally settles the dispute of granting refund under RERA. The High Court in a detailed judgment has finally decided the matter in favour of RERA Authority and has ruled that RERA Authority will have power to grant refund and possession and Adjudicating officer will only have limited power with respect to granting Compensation.

In a landmark order, the MAHARERA has gone a step ahead in safe guarding the rights of the Homebuyer’s and allowed refund when the developer could not get the Completion Certificate. This will help the buyers protect their money in cases where project is sold and developer fails to get the basic certificates for construction.

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.