Under Section 7 of the IBC, this amendment allowed the home buyer to initiate insolvency proceedings against defaulting Promoters. However, the Insolvency Amendment 2018 was challenged in the Supreme Court of India by approximately 200 realtors.
According to the provisions of the agreement, if possession is not handed over on time, the Promoter is obligated to pay or compensate the Complainant/allottee for loss of rent.
The Supreme Court of India has cleared the way for lenders to file insolvency proceedings against personal guarantors of stressed companies, who are typically promoters.
Gujarat High Court dismissed Essar Steel’s petition and refused to grant any of the reliefs sought by Essar Steel. The Gujarat High Court moved quickly and efficiently, and the order was issued within 10 working days of Essar Steel’s filing of the case.
The Supreme Court did not agree to the payment of amounts deposited by the promoter to homebuyers on the grounds that it would be preferential payment to one class of creditors.
An aggrieved individual has two options: either go to the RERA Tribunal or go to the Consumer Forum & it’s not possible to file a complaint with both the RERA Tribunal and the NCDRC at the same time.
According to RERA, grievances filed with the authority must be resolved within 60 days of filing. Complaints have been settled more quickly via the conciliation forum than through the authority. It also cuts down on the expense and time of litigation.
RERA registration is required for any real estate project that comes under the RERA Act’s scope. In this article, we take a closer look at the penalties for non-compliance under the RERA Act.
The main purpose of RERA was to enhance builder buyer transparency along with creating a strong adjudicating mechanism to resolve all the disputes in concern with the real estate sector.
The main purpose of the Act lies in enhancing the Transparency between buyer and builder and creating a strong adjudicating system for the disputes arising in real estate sector. An aggrieved homebuyer seeks right legal remedy after getting exploited by the builder.