The authority should take proper cognizance and ensure compliance of Recovery Certificates by builders and protect the interest of homebuyers.
Category: Corporate Litigation-All In Way
RERA requests RBI to Restructure Promoter’s Business Loans for Revival of Real Estate Sector
The RBI needs to take affective steps in order to tackle the financial crisis being faced by the developers. If it continues longer, the interest of homebuyers may be compromised due to delay or non-delivery of projects.
No Fresh License to Builders with Delayed Projects: HARERA
The Haryana Real Estate Regulatory Authority has issued notice to Empire Realtech Pvt Ltd along and an associated company, CHD Developers for completion of ongoing projects or face cancellation of registration. The HARERA has decided to debar builders from acquiring fresh licenses whose previous projects have been delayed. Also, the authority will blacklist such builders and a list of 50 builders in Gurugram has already been prepared.
Winding up Proceedings will not create any bar for Initiation of the Insolvency Proceedings
The appeal before the Apex Court was filed by the bunch of employee’s union against the impugned judgment of the Rajasthan High Court whereby, the High Court refused to transfer the winding up proceedings before the NCLT, and further set aside an order passed by the NCLT initiating the CIRP application by virtue of section 7 application filed by the Financial Creditor.
Contradictions between The RERA and IBC
The IBC recognizes homebuyers under financial creditors to protect their rights even when a creditor, other than a homebuyer, invokes insolvency proceedings against the builder.
The Applicability of Section 10A of IBC would be Retrospective in Nature
The default occurred after the cut-off date, the NCLAT held that the bar imposed under Section 10A was clearly attracted.
If Development Work is Pending, It would be ongoing projects: Allahabad High Court
Every project where the development work is still not completed at the time of the commencement of the RERA Act, will be considered as an ongoing project whether or not the application for completion certificate is filed before a competent authority.
RERA does not bar remedies under Consumer Protection Act: SC
Supreme Court rules that remedies under RERA and Consumer can be pursued by a buyer and one does not bar another. The same has been done in the matter of “M/S Imperial Structures Ltd vs Anil Patni and another”.
HARERA Fixes 1% Brokerage on Sale/Purchase in Real Estate Sector
A decision by the authority is a fundamental step towards constraining the real estate agents from exploiting extra money from buyers and sellers. The brokerage being fixed will turn down the chances of overcharging ultimately protecting the interest of homebuyers.
SEBI Fines Kalpbut Real Estate for Illicit Fund Raising
SEBI ordered Kalpbut Real Estate to refund the illegally raised Rs 15 crore back to investors along with 15 per cent interest annually on the refund amount.