Resolution applicants enter the CIRP and prepare “Resolution Plans,” which are effectively instruments for taking over a corporate debtor, paying its creditors’ debts, and completing its recovery and restructuring.
The IBC’s applicability to NBFCs is a welcome legislative effort, and the new rules have extended the RBI’s role in performing an NBFC’s CIRP.
UP-RERA has expressed contentions to issue a show-cause notice to Supertech Realtors under Section 5 (1) of the RERA Act, 2016 to describe why the application for registration should not be refused.
Hon’ble Supreme Court has held that in an application under Section 7 of the Insolvency and Bankruptcy Code, the applicant can claim the benefit of Section 14 of the Limitation Act, in respect of proceedings under the SARFAESI Act.
Hon’ble SC clarified the position of the homebuyers similar to that of a “financial creditor” under the IBC, after this the homebuyers were at a par with banks and financial institutions.
The IBC is favoured over the SARFAESI Act, primarily because it offers a quick solution and is also effective in reviving the company and safeguarding the interests of all stakeholders.
“Supreme Court is playing with the emotion of homebuyers” an unhappy homebuyer of Jaypee Wishtown said after the Superme Courts’s order on Jaypee Infratech.
Disputes between builders and homebuyers in the Maharashtra that went to mediation were successfully settled, preventing time-consuming litigation in RERA Authority.
TN-RERA has recently passed an order to the builder to refund the amount with interest along with Rs. 75,000 for compensation and litigation expenses against the Developer for not providing the documents.
UP-RERA has taken this step to ensure that homebuyers’ interests are effectively protected and that the RERA Act’s provisions are followed.