SBI initiated proceedings against Veesons under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), demanding an outstanding amount of approximately INR 61 crores as Veesons did not pay its debts on time.

The Supreme Court of India issued its first comprehensive ruling on the operation and functioning of the Insolvency and Bankruptcy Code, 2016 in the case of Innoventive Industries Limited vs ICICI Bank Limited.

According to the provisions of the agreement, if possession is not handed over on time, the Promoter is obligated to pay or compensate the Complainant/allottee for loss of rent.

The Adjudicating Authorities have affirmed the IBC’s goals through a series of judgments and further proved its prevalence over the other laws of land.

The Supreme Court did not agree to the payment of amounts deposited by the promoter to homebuyers on the grounds that it would be preferential payment to one class of creditors.

The Supreme Court of India defined Section 60(5) of the Code as a residuary jurisdiction vested in the NCLT, allowing the NCLT to decide all questions of law or fact arising out of or in relation to the corporate debtor’s insolvency resolution or liquidation under the Code.

Insolvency Professionals eligible to be appointed as Liquidator alongside written consent form within 10 days of the direction issued, and upon receipt of the proposal, the order of appointment of Liquidator is passed.

A resolution plan under Regulation 37, shall provide for the measures, for insolvency resolution of the corporate debtor for maximization of value of its assets.

An aggrieved individual has two options: either go to the RERA Tribunal or go to the Consumer Forum & it’s not possible to file a complaint with both the RERA Tribunal and the NCDRC at the same time.

According to RERA, grievances filed with the authority must be resolved within 60 days of filing. Complaints have been settled more quickly via the conciliation forum than through the authority. It also cuts down on the expense and time of litigation.

The purpose of an information memorandum is to support ‘decision making’ and to make a better decision in a particular problem situation that might otherwise have made without the analysis. 

The developer requires huge investments for the development of the project for which he approaches banks for financial help and a buyer approach bank to fulfilling his dream to own a house. This is how builder, buyer and the bank get connected in real estate business.

A simple deal will never have special promises which can’t be fulfilled. It’s a usual tendency for a common man to get lured by special offers but you have to keep in mind that no one is spending a penny from their pockets for doing something extra for you.

A comprehensive article with analysis as how to handle the demand letters issued by the builders, from time to time to get the money from builders.

Any person aggrieved by the decision of NCLT, or is not satisfied with the decision or if there is any mistake or error on part of NCLT then such a person can appeal NCLAT u/s 61 of IBC for its corrections and proper disposal of judgement/order.