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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IBC- Rescue to the Employees
It is advised to the employees to recognize their rights under IBC and approach NCLT to recover their dues 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.
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.
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.
Delay under IBC not Acceptable
If anyone is looking to recover their debts in a time bound manner or resolution of the corporate debtor in a timely manner then IBC provides the necessary redressal.
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.
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.
IBC- Greatest rescue for the homebuyers
If there is no assured return plan incorporated into the builder buyer agreement entered into between the homebuyer and builder then the homebuyer had to approach RERA to seek refund.
Promoters and Shareholders Promoters are not Creditors under IBC
The shareholders and promoters are not the creditors and thereby the resolution plan cannot balance the maximization of the value of assets of the corporate debtor
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.
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