Blogs

The homebuyers who have got RERA refund orders and if builder has defaulted in making the payment, you can file case before NCLT under IBC laws

The Consumer Protection Act, 1986 provides for redress against unfair trade practices and a false or misleading advertisement becomes an unfair trade practice under the provisions of the law.

There would be multiple reasons for such projects however the maximums projects are delayed or stalled due to diversion of money or unprofessional decisions of the builder.

The National Company Law Tribunal has paved the way for operational creditors to revive their debt and proceed as decree holder.

The interpretation adopted by the NCLT Chennai Bench over the prospective application of a new threshold of Rs 1 Crore brings a sigh of relief for all the creditors.

A major relief to the homebuyers in the stalled projects of the Amrapali group. The NBCC will play a major part in ensuring the in-time completion of the projects once the adequate financing is promised by SBI CAP and UCO.

The rationale of the Ordinance is certainly to ensure that Insolvency and Bankruptcy Code, 2016 lives up to its preamble that is – maximization of value of assets. The newly inserted Section 10A certainly brings about a balance of interest between creditors and debtors.

In order to help the COVID-19 hit real estate SBICAPS has announced lowering the internal rate of return (IRR) from 15 percent to 12 percent. That the move has been welcomed by developers all over India.

The Haryana Government has come to rescue the dying hope of Mayfield homebuyers who must have been running poll to pillar for enforcement of their rights.

Big relief for the homebuyers of M/S Bombay Dyeing and Manufacturing Co Ltd. the MAHARERA Tribunal has ruled in the favour of the homebuyers asking the developer to refund the paid amount.

The RBI has decided to extend the moratorium period for another 3 months. This move of the RBI is laudable from the perspective of individual homebuyers.

The time period of paying the money lapsed, few more months also went by chasing the builder to pay the money as per RERA order but all this begged no results and Homebuyers are forced to knock on the doors of RERA Authority again.

Ministry of Housing and Urban Development issues notification asking RERA Authorities across India to grant extension to Real Estate Projects for a period of 6 months and maximum to a period of 9 months.

In response to the damage done to the economy the Indian Government has placed certain embargoes and granted certain grace periods to help reduce the financial strain caused by the complete shutdown of the economy this includes the three month moratorium that has been given by the RBI regarding payments of EMI.

The UPRERA allowed the homebuyer’s association of a project to take charge of the completion of four stuck projects. Discussions are still going on with the original builder Jaypee Associates to come on board as contractor.