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.
The reason for stalling of a project can be one or many but the real objective for a homebuyer is to get the best possible remedy which protects the interest of all homebuyers of such a project.
Many Homebuyers are confused between RERA and Reverse Insolvency, and it’s hard to decide which one is better. So here we are explaining the concept of RERA vs Reverse Insolvency.
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.
The UP-RERA has now requested the RBI to consider restructuring the loans taken by the builders for the completion of real estate projects.
It is advisable to the creditors to make a plea of initiating Group Insolvency while filing an application for initiation of CIRP against a corporate debtor.
Homebuyers while filing the joint petition before NCLT under IBC laws, should chose the legal firm very carefully.
Filing Claim under IBC- It becomes very important to understand why every creditor should file their claims?
an Insolvency Professional having all the aforementioned requirements may be chosen as An IRP for the corporate debtor. However it may have an advantage over other IRP if the person had already dealt in that specific industry being an RP/IRP.