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
New Petitions under section 7 of the Insolvency and Bankruptcy Code will mandatory be required to file default record from the Information Utility as per NCLT directed.
The Finance Minister disclosed that the stimulus package is a 15 step measure, the Tranche 2 announcement on 13th May 2020 disclosed 9 steps so far and that further steps to actualize the goals of AatmaNirbhar Bharat
The timelines prescribed under the Limitation Act or different laws like Insolvency and Bankruptcy Code, 2016, the Arbitration Act, 1996 or any other action will stand extended.
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
It was held that if the dispute is raised after the time period allowed in the demand notice, then this may not be a ground for rejecting the insolvency petition by operational creditor.
Homebuyer filed appeal before P & H High court against order Haryana RERA Tribunal which held that RERA authority does’t power to grant refund under RERA.
A brief of verdict given by the Supreme Court on July 23, that the Amrapali Group has violated the doctrine of public trust by permitting diversion of funds of homebuyers.
RERA Authority order is not being complied with by the party or if we are precise, the builder is not paying the amount ordered by authority.