The Apex Court used its authority under Article 142 to allow the CIRP proceedings to be withdrawn and to adjudicate all outstanding issues between the parties in the greater interest of the homebuyers.
Category: RERA Consulting
Should resolution professionals admit 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.
Putting Resolution Professionals under the spotlight: The latest IBC Amendments
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.
When COC approves a resolution plan it is presumed to be viable and feasible
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.
Centre Proposes to Submit Model Builder-Buyer Agreement with mandatory RERA clauses before Supreme Court
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.
Rights of Homebuyers under the Insolvency and Bankruptcy Code
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.
An alien concept to the IBC regime is reverse CIRP
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.
Delayed Possession Relief under Section 18 of RERA
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.
Right of homebuyer seeking refund and compensation for a delayed project
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.
Whether Agreements/Contracts by Banks are consistent with Articles 14, 19 and 21 of the Constitution!
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.
Breach of the settlement agreement is not a ground to invoke CIRP
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.
Why are Homebuyers choosing NCLT over RERA?
Buyers say that RERA orders are not getting implemented and this is forcing them to approach NCLT and there is a need to check abuse and maximize the value of assets.
SC imposes a penalty of ₹5 Lakhs on the petitioner seeking an alternative to Supertech Twin Towers Demolition
SC Imposes penalty of Rs.5 lakhs and directed the same to be deposited within 4 days to the SC registry. The amount will be transferred to Supreme Court Bar Association (SCBA) to be used for the welfare of families affected by Covid.
Land Allotment Cancellation over Non-Payment of Dues, Red Alert for the Developers
the Yamuna Expressway Industrial Development Authority had cancelled the allotment of ‘Panorama’ in Sector 22A over non-payment of dues of Rs 46.8 crore.
Limitation is continuous in cases of Homebuyers
If a homebuyer failed to file his/her case then will his/her case will not be taken and his grievances won’t be solved? The answer to this question is “NO”! The reason here is that the limitation period in the case of a homebuyer is continuous in view of the non-handing over of the possession of the unit.
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