NCLT Principal Bench vide its order dated 20.08. 2019 has ordered insolvency proceedings U/S 7 of the Insolvency and Bankruptcy Code, 2016 against Real Estate Developer, M/S Raheja Developers Limited. Every creditor of M/s Raheja Developers need to file their claims before the Insolvency Resolution Professional(IRP).
Can Corporate Insolvency resolution process be initiated against a government undertaking?
Corporate Insolvency Resolution Process (CIRP) cannot be initiated against government undertakings as it will defeat the very purpose of the provisions stated in article 12 of the constitution of India.
Analysis of Judgment of the Supreme Court upholding the legality and constitutionality of Section 5(8)(f) of IBC, 2016
Judgment, which is titled Pioneer Urban Land and Infrastructure Ltd. and Anr. v. Union of India and Ors. upholds the constitutional validity of Section 5(8)(f) of the Insolvency & Bankruptcy Code, 2016 (hereinafter as the ‘Code’).
How to file claim as financial Creditor before IRP/RP
A financial creditor(s) may file an application for initiating CIRP u/s 7 of IBC against a corporate debtor when a default has occurred.
Disgruntled home buyers blame K- RERA for inaction against developers
Hundreds of buyers in Karnataka have been left in the lurch after paying for their dream homes but are yet to receive possession of their flats.
NHB asks housing finance companies to abstain from financing subvention schemes
The National Housing Bank (NHB) has asked housing finance companies (HFCs) to “desist from offering” loans for subvention schemes offered by developers.
Relief for homebuyers under RERA if the builder is absconding or in jail
This initiative by RERA will prove to be very fruitful to the homebuyers whose hard-earned money is stuck installed project wherein the builder is absconding or in jail.
UP-RERA proposes stress fund for completing the pending projects
The UP-RERA (greater Noida) has proposed to create a stress fund to complete such pending projects. The same shall be put before the board of Lucknow for deliberation and thereafter it shall be sent to the UP Government.
UP RERA orders forensic audit for all projects being developed by 3C
Real Estate Regulatory Authority in Uttar Pradesh orders Forensic audit of errant developer 3C.
Remedy for Companies after strike-off order passed by ROC
All the struck–off companies can approach NCLT under section 252 of the company act for the revival of the struck-off company against the order of ROC.
Rajasthan RERA Swings into Action
Rajasthan RERA get into action at full swing as the appointment of the chairman, other officials and retired judges in the Appellate Tribunal is already done in May.
How Insolvency can be initiated by corporate debtor against itself?
How can a corporate person file for insolvency? the insolvency process for section 10 application, the fees, documents required and other details required to file such an insolvency petition.
Insolvency Petition can’t be rejected if dispute is raised after Demand Notice
It was held that if the dispute is raised after the time period allowed in the demand notice, then this may not be a ground for rejecting the insolvency petition by operational creditor.
Homebuyers approach HC against change in RERA Authority jurisdiction in Refund Cases
Homebuyer filed appeal before P & H High court against order Haryana RERA Tribunal which held that RERA authority does’t power to grant refund under RERA.
Brief of Supreme Court’s Verdict on Amrapali Mess
A brief of verdict given by the Supreme Court on July 23, that the Amrapali Group has violated the doctrine of public trust by permitting diversion of funds of homebuyers.
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