Blogs

The Hon’ble National Company Law Tribunal (NCLT) has admitted the Insolvency Petition against the EMAAR MGF Land Ltd. filed by one of the homebuyers i.e. Mr. Neeraj Gupta.

The application filed by the homebuyers under section 7 of IBC shall be maintainable. Therefore the homebuyers are advised to approach NCLT under IBC to recover their stuck money in a time-bound manner.

Steps like the appointment of new judges and revamping the whole infrastructure of few NCLT benches shall prove to improve the current status of IBC cases being filed in the nation.

An employee is an operational creditor and has the right to file an insolvency application against the corporate debtor or employer under section 10 of IBC.

The time period of limitation can be extended by various modes, one of them is mere admission of debt. If the corporate debtor admits the debt on some later day then the time period of limitation shall be counted from that day.

If the resolution applicant wants to retain any of the directors of the corporate debtor the resolution applicant is allowed to retain if the plan proposes the maximum valuation of assets.

RCOM has decided to adopt the fast track insolvency process to get over this debt-laden battle and has filed insolvency petition voluntarily under section 10 of Insolvency and Bankruptcy Code, 2016 (IBC).

An insolvency petition admitted u/s 7, 9 or 10 can only be withdrawn by the appellant with approval from 90% of the creditors.

RERA Act has already been functional in all cities of NCR for almost 2 years now and still, such big numbers can be seen; the question that arises is whether the courts will be able to tackle such injustice or the buyers will be left in the lurch again.

The RERA Authority has asked the banks to issue necessary directions to all the officials of the Banks to strictly comply with the provisions.

In many of the instances, the RERA Authorities receives the complaint of the projects which were handed over long ago before the RERA.

The UPRERA Authority has issued the showcase notice to one of the renowned builders over the diversion of funds.

The developer was directed by the RERA Authority to return the money of the few-flat buyers. However, the order was challenged but the builder was unable to deposit the amount required.

There have been few instances where the project is stalled and the association of the allottees have been handed over the project to complete the remaining construction of the project.

If there is any breach in the terms and conditions of the builder-buyer agreement or delay in possession of the property then a home-buyer can directly approach to the RERA Authority to avail the legal recourse.