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.
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Voluntary Liquidation under Insolvency and Bankruptcy Code, 2016
The voluntary winding up or voluntary liquidation, as the code defines, of the company can take place under section 59 of the IBC.
HRERA: Buyers of abandoned project have superior right to satisfy claims
Aggrieved homebuyers from the Piyush colonizer esteemed developer in the past started a housing project in the City of Faridabad, approached the HRERA bench stating their grievance.
Resolution Professional (Appointment, Tenure) and his Duties
The officers and managers of the Corporate Debtor, shall report to Resolution Professional. They shall provide him all the documents or records as required by him in the course of his duties.
Key Highlights on Insolvency and Bankruptcy Code, 2016
A detailed article on Key highlights of Insolvency and Bankruptcy Code, 2016 by Insolvency Professionals.
Liquidation under Insolvency and Bankruptcy Code
Earlier the winding up of the company was initiated and conducted under the Companies Act, 1956 while the same has got annulled after the advent of Insolvency and Bankruptcy Code.
Exemption from the strict adherence to the timeline of 270 days of the Insolvency and Bankruptcy Code, 2016
The Corporate Insolvency Resolution Process has to be completed in 180 days along with the provision of 90 days of extension or maximum allowed time is 270 days.
RERA is the preferred authority in the eyes of Home-Buyers
RERA now has become the most preferred authority where the aggrieved home-buyers can reply upon for the redressal of their grievances.
RERA Authority may supersede NCDRC
As per the RERA laws, no civil court has the jurisdiction to entertain any suit or proceedings which is empowered to be entertained RERA Authority only.
Applicability of the limitation act on Insolvency and Bankruptcy Code
The Limitation Act will be applied upon any application or petition or claim or appeal is filed before the adjudicating authority or tribunal i.e. NCLT or NCLAT.
Persons upon whom the Insolvency code is applied
The code is not applicable to corporates in finance sector. Thus no petition shall be entertained by NCLT filed against Banks, Financial Institutions, Insurance Company, Asset Reconstruction Company, Asset Reconstruction Company, Mutual Funds, Collective Investment Schemes or Pension Funds.
RERA or IBC-Under which law Homebuyers are well protected?
RERA or IBC- Both the laws provides with the subjective approach depending upon the facts of the case and the situation of the developer.
MahaRERA: Force Majeure clause is no more a defense for the builders
The Maha RERA authority has ordered builder cannot take the defense of force majeure clause for financial crisis and lack of approvals in any project.
Haryana RERA decision regarding Project Registration
Some points have been discussed by Gurugram Bench of Haryana RERA has, in the case where the basic principle regarding the registration of project with RERA has been decided.
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.
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