Why are Homebuyers choosing NCLT over RERA?
Buyers say that RERA orders are not getting implemented and this is forcing them to approach NCLT and there is a need to check abuse and maximize the value of assets.
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Threshold Limit To Include Principal And Interest Amount Both
The minimum threshold limit mentioned under section 4 of Insolvency and Bankruptcy Code, 2016 can include both principal and interest amount. The invoices/bills raised by the Operational Creditor clearly mentioned that the interest will be charged @18% after the due date of the bill.
Supreme Court’s Road Map to interpret The IBC Code for better Resolution
Hon’ble Supreme court declared that the provisions of IBC (Code) to be interpreted liberally to expand the objective of the Statute.
IBC Pecuniary Threshold: – Interest Component to Be Merged with Principal Debt?
The interest component can include in the principal debt to acquire a minimum threshold limit i.e., 1 crore if delayed payment stipulated in the agreement or invoice.
Is the Principle of Natural Justice applicable to the Insolvency and Bankruptcy Code, 2016?
The actions of the CoC by not accepting the Applicant’s Resolution Plan were void in nature and held that the Applicant must be given a fresh opportunity to participate in the process of submission of the Resolution Plan.
Consumer court have the power to direct refund and compensation in case of delayed delivery of the apartment
The Consumer Protection Act is a wide-ranging provision and it is not a specific resolution like the Insolvency ad Bankruptcy Code and the remedies are simultaneously and mutually exclusive.
A NEW HOPE FOR THE DECREE HOLDERS UNDER THE IBC
Home buyers who have an order/decree/award for refund passed either by RERA or any consumer court or any court of law, can approach the NCLT under Section 7 of the Code for its default/non-payment, giving a new cause of action for the limitation period from the date the default occurred.
WORKING REPORT OF RERA AFTER ITS ENACTMENT
In the past five years of RERA, it has been successful to tackle the issues between the Home Buyers and Builders or Developers and providing transparency into the real-estate projects.
Rights and Duties of the Allottees
Neither the promoter nor the allottee can deny such rights & duties as mentioned in this article no matter what has been documented by the Builder or agreed by the Allottee.
Application Filing by the Home Buyers/Allottees under IBC, 2016
the interest of the allottees is protected and the survival of real estate companies and completion of projects is ensured. As the amendment in the IBC has brought much needed clarity and provided the much-needed right to the home buyers/allottee.
Power and Duties of Company Liquidator
The Liquidator has a fiduciary responsibility with the Company and its creditors. The major goal of choosing a Liquidator is to resurrect a failing firm and operate professionally.
Offences and Penalties under RERA
The RERA Act is the best reform happened for the homebuyers. If in any situation a dispute arises, the offences, procedure and penalty is being clearly stated.
Karnataka-RERA warned 373 projects to complete before deadline ends
Karnataka Real Estate Regulatory Authority (hereinafter referred to as K-RERA or authority) has given a deadline extension for the projects that were supposed to be completed in April or later to September 2021.
Subvention Scheme and The Risks Associated
Before signing on subvention agreement the buyers must read the agreement thoroughly to avoid any mishappening in future.
UP RERA Extend Delivery Date by Nine Months
UP RERA, considering the surge of Covid-19 and restrictions imposed on construction due to an increase in pollution, has extended the registration of the projects, by default, for which no promoter has to file an application before the Authority.
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