In a landmark order, the MAHARERA has gone a step ahead in safe guarding the rights of the Homebuyer’s and allowed refund when the developer could not get the Completion Certificate. This will help the buyers protect their money in cases where project is sold and developer fails to get the basic certificates for construction.
These two judgements would be of great importance because they have paved a way for the transfer of post-notice winding up petitions pending before the different High Courts.
Petition before NCLT can be admitted even if official liquidator has been appointed by the High Court (Held By NCLT and Hon’ble Supreme Court)
Homebuyers who had taken a loan from the banks to pay for their flats in the Project, were being harassed by the banks who were forcing the homebuyers to pay their EMIs.
Kerala RERA has warned promoters, agents, firms from advertising real estate projects prior to registering the project and also issued show cause notices to few developers which had indulged in such practice.
A tug of war going on between the companies involved in the real estate sector and the homebuyers since the Insolvency and Bankruptcy Code (IBC) came in force in 2016
Reverse Insolvency Under IBC laws, seems best solution for struck real estate projects and Reverse Insolvency concept is kind good for both homebuyer and builder
Cheque bouncing is also the default in making payment of debt, and petition under IBC laws may be admitted
1st of kind order from Hon’ble RERA, which is unique and real justice in real estate history. In the said case, the uncompleted project was handed over to the association to construct it through the pooling of money
This article is all about the insolvency process which has been initiated which may include filing of claims, acceptance of claims, making of the committee of creditors and resolution plan