Delhi-based bench of NCLT passed an order by allowing a plea filed by the Residents Association for breach clauses of the agreement between the builder and the association, terming it as default.
Home buyers who have an order/decree/award for refund passed either by RERA or any consumer court or any court of law, can approach the NCLT under Section 7 of the Code for its default/non-payment, giving a new cause of action for the limitation period from the date the default occurred.
Covid-19 being a natural calamity and not having been caused due to actions of any party under a legal contract/agreement shall be treated as Force Majeure for a specific period of time or till the prevalence of lockdown, as and when the same shall be imposed by the Government.
The time specified for the completion of the corporate insolvency resolution process is 330 days as has been laid by the legislature. The intention behind keeping process in a time bound manner is to guarantee relief to the already aggrieved creditors of the company.
At present, the Indian legislature has not yet determined any full regulatory requirements for SPACs. However, India’s market regulator, the Securities and Exchange Board of India (SEBI) has set up an expert committee that will look into the possibility of introducing SPACs regulations to India, which may increase the chances of domestic listing for start-ups.
To provide a relief to MSME and to offer them some respite from this pandemic, the process of pre-packaged insolvency resolution was introduced. This PIRP was introduced by way of ordinance dated 04.04.2021 by the Ministry of Law and Justice.
Udyam Registration a government registration for MSMEs which provides them with a unique identity number and a recognition certificate to certify them as micro/ medium or small enterprises.
As per the Central GST Act there being no supply of goods within the meaning of the GST Act in a real estate transaction as ‘Goods’, as per Section 2 (52) include only movable properties.
Once a voluntary consumer association is registered in the Societies Registration Act, it will be deemed to be a recognized consumer association unless it is a voluntary association of the consumers.
The process is not too tedious and is generally accepted by the court, thus, helping the parties to resolve disputes in a time bound manner.
Individuals and corporates have begun to opt for ‘Arbitration’ as the chosen mode for resolution of their disputes to avoid court delays and other legal hassles of court.
In the past five years of RERA, it has been successful to tackle the issues between the Home Buyers and Builders or Developers and providing transparency into the real-estate projects.
Neither the promoter nor the allottee can deny such rights & duties as mentioned in this article no matter what has been documented by the Builder or agreed by the Allottee.
Insolvency and Bankruptcy Board of India (IBBI) mentioned the assignment of not readily realisable assets (NRRA) in the discussion paper on Corporate Liquidation Process dated 26 August 2020.
the interest of the allottees is protected and the survival of real estate companies and completion of projects is ensured. As the amendment in the IBC has brought much needed clarity and provided the much-needed right to the home buyers/allottee.