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Blogs - Business Advisory Archives - Centrik

CentrikBlogsBusiness Advisory

Category: Business Advisory

How to take maximum benefit from RERA as a Homebuyer and as a builder?

Posted by JyotiKhuranaPosted on March 29, 20230 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Insolvency & Bankruptcy Code 2016, Registration And Compliance, RERA ConsultingTags advantage of the RERA, builder under RERA, Complaints under RERA, documents are required for RERA Registration, documents required for registration under RERA, Non-registration penalty under RERA, penalties imposed by RERA, Project registered under RERA, project registration under RERA, Registration under RERA

RERA was established to do away with project delays, malpractice, and irregularities in norms and increase transparency and accountability from builders and homebuyers both.

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CIRP proceedings could be initiated against both corporate co-borrowers, but the recovery of the same amount could not be made from both parties: SC

Posted by Vanshika SharmaPosted on March 23, 2023March 23, 20230 CommentsCategories Authentic Legal Advice, Business Advisory, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016, Legal AdvisoryTags CIRP application filed against the Doshi holdings, CIRP proceedings, CIRP proceedings could be initiated against both corporate co-borrowers, CIRP proceedings under Section 7, Loan-cum-Pledge Agreements

CIRP proceedings under section 7 can be initiated against corporate debtors who are co-borrowers but there can be no double recovery of the same amount from both.

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Artificial intelligence and the Indian legal system

Posted by AdminPosted on March 20, 2023March 24, 20230 CommentsCategories Authentic Legal Advice, Business Advisory, Legal AdvisoryTags Artificial Intelligence, artificial intelligence and indian laws, artificial intelligence and legal analytics, artificial intelligence in legal research, impact of artificial intelligence in law firms, legal industry, potential negative impact of AI on employment

In India, the use of AI in the legal industry is still in its early stages, but there is no doubt that it will play an increasingly important role in the future.

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Is your house stuck in a stalled real estate project? How did homebuyers take on builders to get their houses?

Posted by AdminPosted on March 14, 2023March 15, 20230 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Insolvency & Bankruptcy Code 2016, Registration And Compliance, RERA ConsultingTags Builders registered under RERA, case of disputes, case of homebuyers disputes with the Builders, civil suit against the builder, complaint against a builder, File a complaint under RERA, legal remedies available against builders, Mediation between homebuyers and builders

Some of the legal remedies available for the homebuyers of stalled real estate projects against builders in case of disputes or grievances. Homebuyers can protect themselves from builders in India and ensure that they get their dream home without any hassles.

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SC resorts to Article 142 of the Constitution to cut short IBC technicalities to benefit home-buyers

Posted by Vanshika SharmaPosted on February 4, 2023February 5, 20230 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Insolvency & Bankruptcy Code 2016, Legal Advisory, Registration And Compliance, RERA ConsultingTags CIRP application under Section 7 of the IBC before the NCLT, CIRP proceedings, IBC technicalities to benefit home-buyers, Insolvency and Bankruptcy Code, insolvency proceedings, plea filed against a builder by the homebuyers

The Apex Court used its authority under Article 142 to allow the CIRP proceedings to be withdrawn and to adjudicate all outstanding issues between the parties in the greater interest of the homebuyers.

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Should resolution professionals admit time-barred claims of homebuyers?

Posted by AdminPosted on February 2, 2023February 3, 20230 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016, Registration And Compliance, RERA ConsultingTags can an interim resolution professional act as the resolution professional, can resolution professional adjudicate claims, Committee of Creditors, corporate insolvency resolution process (CIRP), Insolvency and Bankruptcy Code, Resolution Plan for Homebuyers, resolution professional, resolution professionals admit time-barred claims of homebuyers, time-barred claims of homebuyers

the Resolution Professional could have included their claims as liabilities to the Corporate Debtor in the Information Memorandum created in accordance with Regulation 36 of the Corporate Insolvency Resolution Process (CIRP) Regulations.

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Putting Resolution Professionals under the spotlight: The latest IBC Amendments

Posted by Vikramaaditya MIshraPosted on January 23, 20230 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016, RERA ConsultingTags difference between insolvency professional and resolution professional, duties of resolution professional, ibc latest amendment, Insolvency Resolution Professional, Latest IBC Amendments, major amendments in IBC, recent amendments in ibc 2016, resolution professional nclt, Resolution Professionals

The resolution professional (RP), appointed under the Code, is at the heart of these endeavors and has the mandate to complete this process in a time-bound manner.

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When COC approves a resolution plan it is presumed to be viable and feasible

Posted by Adv. Niraj ChamyalPosted on January 8, 2023January 10, 20230 CommentsCategories Legal Advisory, Registration And Compliance, RERA ConsultingTags Appeal rejected by the Appellate Authority, Approved Resolution Plan, Approved resolution plan under IBC, CIRP and NCLT, COC approves a resolution plan, corporate insolvency resolution process, decision of the Tribunal, order of NCLT, rejection of resolution plan by coc, Resolution Plan is approved by the Committee of Creditor

When a Resolution Plan is approved by the CoC in its commercial wisdom, it has to be presumed that the approval was given to a viable and feasible plan. Once approved, the Tribunal cannot interfere with the commercial wisdom.

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Centre Proposes to Submit Model Builder-Buyer Agreement with mandatory RERA clauses before Supreme Court

Posted by Twinkle KhannaPosted on January 3, 2023January 6, 20230 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Grievance Redressal, Registration And Compliance, RERA ConsultingTags Ashwini Kumar Upadhyay v Union of India, Builder-Buyer Agreement, centre proposes to submit model builder-buyer agreement, latest builder-buyer agreement, mandatory rera clauses before supreme court, supreme court judgement on builder buyer agreement

A builder-buyer agreement with mandatory clauses that the states or union territories cannot change has been proposed to the Supreme Court by the federal government.

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Rights of Homebuyers under the Insolvency and Bankruptcy Code

Posted by Manya GuptaPosted on December 26, 2022December 27, 20220 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Registration And Compliance, RERA ConsultingTags Bikram Chatterji v. Union of India, Chitra Sharma v. Union of India, financial creditors in the committee of creditors, home-buyers as financial creditors, Homebuyers under the IBC, Homebuyers under the Insolvency and Bankruptcy Code, IBC procedure, Insolvency and Bankruptcy Code, rights of the homebuyers

Homebuyers could only engage in the IBC procedure as a class of financial creditor. Individual homebuyer rights were absorbed by homebuyer rights as a class.

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An alien concept to the IBC regime is reverse CIRP

Posted by Twinkle KhannaPosted on December 24, 2022December 24, 20220 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016, Registration And Compliance, RERA ConsultingTags CIRP under RERA, financial creditors under the Code, insolvency of real estate companies, legal rights under RERA, nclt cases against builders, NCLT under RERA, RERA and CIRP, resolution procedure of a real estate firm, Reverse Corporate Insolvency Resolution Process, Reverse Insolvency

Despite the fact that such relief should not have existed, the NCLAT instead attempted an “experiment” to adopt the strange idea of Reverse CIRP, which has no precedent in the Code.

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Delayed Possession Relief under Section 18 of RERA

Posted by AdminPosted on December 14, 20220 CommentsCategories Authentic Legal Advice, Legal Advisory, Registration And Compliance, RERA ConsultingTags builder change possession date in RERA, compensation for delayed possession, delay in possession deficiency in service, Interest on Delayed possession, MahaRERA, recent judgments on delay in delivery of possession of property, RERA completion date vs agreement possession date, RERA in Maharashtra, RERA interest on delayed possession, section 18 of RERA act, Supreme Court judgments on delayed possession

A respondent has violated the provisions of section 18 of the RERA and hence the complainant is entitled to seek interest for the delayed possession under section 18 of the RERA.

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Right of homebuyer seeking refund and compensation for a delayed project

Posted by sakshisharmaPosted on December 2, 2022December 8, 20220 CommentsCategories Corporate Litigation-All In Way, Registration And Compliance, RERA ConsultingTags compensation for a delayed project, consumer case against builder for delay in possession, Consumer Protection Act 1986, Filing of complaint section 31, Filing of Complaints, recent judgments on delay in delivery of possession of property, refund for a delayed project, refund under section 18 of RERA, Rights of Homebuyer, speedy dispute redressal, Supreme Court judgments on delayed possession

Section 18 (1) gives two kinds of rights to the homebuyers i.e. right to get a Refund along with Interest and the Right to get Compensation.

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Whether Agreements/Contracts by Banks are consistent with Articles 14, 19 and 21 of the Constitution!

Posted by AdminPosted on September 22, 2022September 30, 20220 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Legal Advisory, Registration And Compliance, RERA ConsultingTags article 14 of indian constitution, article 21 of indian constitution, Banking regulation act, Contracts by Banks, Contracts of Adhesion, Levison and Anr. v. Steam Carpet Co. Ltd, LIC of India vs Consumer Education & Research Centre

In Banking Industry, the Borrower is not in a position to negotiate the Terms of the Loan Agreement, especially in cases of Home Loans, hence there is inequality of Bargaining power among Home Buyers.

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Breach of the settlement agreement is not a ground to invoke CIRP

Posted by Adv. Niraj ChamyalPosted on September 18, 2022September 24, 20220 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016, RERA ConsultingTags Bajaj Rubber Company Pvt. Ltd V/s Sasraswati Timber Pvt. Ltd, Breach of settlement, breach of settlement agreement india, CIRP against the corporate debtor, cross border insolvency, how to enforce settlement agreement, Insolvency and Bankruptcy Act, nclt settlement agreement, petition under Section 9 of the IBC, settlement agreement operational debt

Hon’ble NCLT Delhi held that the breach of the Settlement Agreement by the parties does not fall within the ambit of Operational Debt provided under Section 5(21) of the Insolvency Bankruptcy Code, 2016.

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  • How to take maximum benefit from RERA as a Homebuyer and as a builder? March 29, 2023
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  • CIRP proceedings could be initiated against both corporate co-borrowers, but the recovery of the same amount could not be made from both parties: SC March 23, 2023
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