Whether the delay in delivering possession is due to the Corporate Debtor & in case the delay is not due to the Corporate Debtor, but force majeure, it cannot be alleged that the Corporate Debtor has defaulted in delivering the possession.
Interest for Delayed Period of Possession to be calculated from date of default of Handing over Possession
The promoter is under obligation to pay interest on the amount paid by allottee from the date of payment till the possession is handed over to allottee.
No bar to Initiate Insolvency Proceedings pendency the action under SARFAESI Act or RDBFI Act
The pendency of actions under the SARFAESI Act or actions under the RDDBFI Act, 1993 does not create an obstruction for applying Section 7 of Insolvency and Bankruptcy Code 2016, especially given Section 238 of IBC.
MREAT allowed delay of 14 months and 22 days to allottees
In the matter of Mr. Anil Mnagaldas Vade & ors. vs. Siddhitech Developers, the delay in filing an appeal u/s 44 of RERA Act, MREAT allowed delay of 14 months & 22 days to homebuyers.
Claim amount towards interest on loan alone cannot be termed as Operational Debt
A pre-existing dispute towards interest on the delayed payments before the issuance of the demand notice and that the alleged claim amount towards interest on loan alone, cannot be termed as an “Operational Debt”.
MREAT directed developers to refund the Forfeited Amount
MREAT directed the developers to refund the forfeited amount of Rs. 8.14 lakhs to Jagdish Patel and Pravin Patel within two months.
Builders are demanding cash despite RERA and Demonetization
Builders demanding cash are often a sign of unscrupulous dealings and should not invest their hard earnings in such dicey investments.
Employee Benefits Constitute Operational Debt
A claim was made in respect of the non-payment of pending salary and other settlement benefits such as leave encashment, Leave Travel Allowance, and bonus.
New IBC Amendments in work likely to benefit creditors in cases of Cross Border Insolvency
The IBBI has disclosed that work is in progress to amend the IBC to make it compliant with cross border insolvency processes.
Insolvency plea cannot reject if the dispute is raised on telephonic communication: Allahabad NCLT
A notice of dispute to a claim under the IBC (Section 9), 2016 is not admissible if made over a telephonic communication and not supported by phone records.
Homebuyers approach parliamentary committee against ordinance infringing their rights to approach NCLT
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.
Does amount advanced as loan without proper proofs/documentations constitute a Financial Debt?
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 Comes under the Umbrella of RERA
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.
Claims towards the lease of immovable property do not fall within the definition of Operational Debt under IBC
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.
How Operational Creditors can revive their time-barred debt: An analysis of the Mekko Steel Case
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.
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