Can homebuyer approach NCLT before RERA?
RERA has been specifically setup to regulate the real estate sector therefore one must approach RERA before approaching NCLT.
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Recovery of Money through Insolvency Laws
If any company is not making the payment as per agreed terms, then an insolvency petition may be filed u/s 7 or 9 based upon the facts, before NCLT to initiate the insolvency proceedings.
Revival of sinking ship of Real Estate Sector
To revive the ship the major equipment which is required will be RERA as it will soon accelerate its healing on the damage caused to the real estate sector.
More NCLT benches to be set up with the increase in no. of insolvency cases
According to the various resources that central government is planning to increase the number of NCLT benches from 11 to 24.
Jurisdiction and Powers of NCLT
National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) were established due to the notification w.e.f. June 01, 2016, published by Ministry of corporate affairs.
Maintaining the balance of interests of all the creditors
It is to be understood that the objective of IBC is not to provide benefit only to selective creditors but to protect the interests of all the stakeholders.
Execution of RERA Orders
The execution of the orders is still a far fetched process as the RERA has failed to implement the execution mechanism under the RERA.
Effect of Moratorium on Personal Properties of the Promoter given as Security
Only those properties in the name of the corporate debtor shall come under the purview of the moratorium and not the personal properties in the name of the corporate debtor.
Can financial creditor approach NCLT while the petition is pending in NCDRC?
The homebuyers who wish to seek refund of their amount are legally entitled to approach National Company Law Tribunal (NCLT) under IBC.
Who all are Operational Creditors
operational creditors are those creditors where liabilities arise from transactions on operations.
Supreme Court protect interests of Homebuyers in Jaiprakash Infratech Limited case
Home buyers who had invested in housing projects by JIL, were permitted by the Interim Resolution Professional (IRP) to submit their claims as ‘other creditors’, subordinate to financial and operational creditors of JIL.
All about RBI diktat in invoking Insolvency Resolution
Reserve Bank of India Governor Urjit Patel put his signature to a historic order for recovering over Rs 3 lakh crore from the top 12 defaulters, just 10% is in banks
Nirav Modi and ICICI cases to get special attention from Ministry of Corporate Affairs
Nirav Modi scam and the ICICI Bank controversy were amongst the top notch cases that the NCLT is dealing with and Government is taking keen interest in resolving these issues.
Plea for stay of resolution of Binani Cement rejected by the Supreme Court
The Supreme Court rejected an appeal by Dalmia Bharat , one of the bidder who lost out to UltraTech Cement in the second round of bidding, to stay the resolution process of Binani Cement.
Homebuyers relief is a matter of concern for financial Institutions to lend to developers
The homebuyers have got a huge sigh of relief, and are finding it easier to get their money back which was a big deal before the enactment of IBC.
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