Homebuyers may have delayed projects completed under the aegis of the AoA, under the model formulated under Section 8 of RERA. Joint proposal of ASGI Properties Pvt Ltd and ASG Apple 7 Buyers Association, authorised the developer to complete the stalled project.
The Hon’ble Supreme Court’s decision is a watershed moment for homebuyers and allottees. A number of findings in the current judgment support this conclusion, including parallel remedies under RERA and the Consumer Protection Act.
We always talk about problems that we face. Let’s talk about the remedy this time. A good legal team will help you in getting justice on time with an effective remedy. Finding the right legal remedy for your dispute is all what you seek during this chaos.
NCLT clarified many controversial legal issues surrounding telecom spectrum, including whether it could be subjected to IBC proceedings whether the bankrupt telcos could sell spectrum rights allotted to them as part of the IBC resolution process.
Homebuyers are now considered financial creditors, whereas operational creditors, who are from the business world, may have a better understanding of the industry but still lack those rights.
Due to the outbreak of Second wave of Coronavirus, Assocham has requested the finance ministry to re-impose a moratorium on bringing debt-ridden firms to NCLT under the Insolvency and Bankruptcy Code (IBC) until December 2021.
This isn’t the first time the NCLAT has ruled that, IBC rules take precedence over other laws, such as the attachment of corporate debtor’s assets under the PMLA.
NCLT and RERA have different functioning and approach to tackle cases of homebuyers, often homebuyers are confused on which remedy to choose.
Brokers and agents will have to ensure that, they are properly registered with the regulator under RERA.
The Committee of Creditors (CoC) has complete wisdom and right to decide the fate of the company under CIRP. Lets understand all about Committee of Creditors under Insolvency Laws