The RBI has decided to extend the moratorium period for another 3 months. This move of the RBI is laudable from the perspective of individual homebuyers.
In response to the damage done to the economy the Indian Government has placed certain embargoes and granted certain grace periods to help reduce the financial strain caused by the complete shutdown of the economy this includes the three month moratorium that has been given by the RBI regarding payments of EMI.
The Ministry of Corporate Affairs had earlier limited initiation of fresh insolvency proceedings for a period of 6 months which now stands extended to 1 year.
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
RCom burdened with over Rs 46,000 crore of debt after the failure of its asset monetisation plans with Reliance Jio in March 2019 is undergoing insolvency proceedings with its assets up for sale.
Laws relating to IBC that caused inadequate and ineffective results with undue delays has proven its success by a dramatic reduction for resolution of stressed assets at an average of 340 days as compared 4.3 years in the era before the IBC as per the most Economic Survey.
As per the settled law there is no law or provision which states that either the Adjudicating or the Appellate Authority has the powers to question the resolution plan approved by the COC until and unless the same is barred by some irregularity.
Withdrawal of money by a Company director from the accounts of the company during the CIRP, the same will attract criminal proceedings against the Directors
COVID19 Emergency-The Indian Economy is already facing a slowdown in growth but this situation to get worse if the countermeasure is not implemented sooner.
MahaRERA has taken an extra step to ensure completion of struck and delayed projects. MahaRERA asked all the developers to handover the project to homebuyer.