Whatsapp admissible as valid demand notice or pre-existing dispute under IBC
The Hon’ble NCLAT held the validity of the demand notice sent through whatsapp messenger app wherein the blue tick on the text implies the acceptance of the communication.
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Rajasthan RERA has started working and resumed the hearings of the complaints
According to the sources, 591 complaints and 128 applications of buyers are pending with the regulatory authority. The authority shall issue notices with respect to pending complaints about hearing.
SC denies to put stay on NCDRC’s order of allowing homebuyers to move against JAL
The Apex court of the country has denied to put stay on the NCDRC’s order allowing the homebuyers of JayPee Infratech Ltd. to move against the parent company Jai Prakash and Associates for compensation and possession of their respective flats.
Section 12A of IBC: A welcome move for the corporate debtor
The Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10 on an application made by the applicant.
What happens once Insolvency application is admitted
What happens once the application by a financial creditor or operational creditor or by corporate applicant is admitted before the NCLT which under the code is termed as adjudicating Authority.
Does RERA Authorities need more powers to settle the matters?
The officials feel that there is a need of having a few more powers which will enable the RERA Authority to issue certain directions.
NCLT may override the order under PMLA
Money laundering is the term generally used to describe the process by which an individual/entity acquires a property through criminal conduct or illegal means and shows the source of acquisition of the same property as a legal one.
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.
Insolvency petition to NCLT by a Homebuyer
An application filed by the homebuyers under section 7 of IBC shall be maintainable. Therefore the homebuyers are advised to approach NCLT under IBC to recover their stuck money in a time-bound manner.
NCLT to hold no say in justness of rejection of resolution plan
NCALT in the appeal filed in the matter of Kamineni’s reversed the order passed by NCLT and remanded the matter back to go through the liquidation process.
MAHARERA: Auction of the Property to recover the Money of allottees’
Maha-RERA issued a revenue recovery warrant and sent it to the Thane collector. And was forward to the Tehsildar of the area for property sealing and auctioning to recover the money.
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.
Complaints should be taken up by RERA not by NCLT or Consumer Forums
The complaints against the defaulting builders should only be taken up by RERA Authorities of the State before being referred to the NCLT for the insolvency proceedings.
Balancing IBC and RERA- For protection of homebuyers’ interests
Approaching RERA has been rightly helpful for the homebuyers who have not received the possession or refund of the amount paid by them to the builders or developers.
How to become an Insolvency professional?
To enroll as an Insolvency Professional an individual has to qualify the eligibility criteria set under insolvency and bankruptcy code, 2016.
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