Search Results for: homebuyer can file Insolvency petition

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.

Claims to be filed by homebuyers in case the company of builder goes under Insolvency

Homebuyers to file the claim under IBC rather than adopting a way which is not legally realistic wherein the insolvency orders are passed against the builder’s company.

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.

Should Home Buyer under RERA be given preference under Insolvency And Bankruptcy Code, 2016

IBC and RERA Act, enacted in 2016, appear to be pitted against each other as far as protecting the interests of bankers and home buyers are concerned.

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.

SC resorts to Article 142 of the Constitution to cut short IBC technicalities to benefit home-buyers

The Apex Court used its authority under Article 142 to allow the CIRP proceedings to be withdrawn and to adjudicate all outstanding issues between the parties in the greater interest of the homebuyers.

Article 1 of the Limitation Act, is not applicable to proceedings under the IBC Laws

Article 137 is having a wider scope than Article 1 of the Limitation Act and is not applicable to the proceedings under the Insolvency and Bankruptcy Code. Article 1 is also not applicable to the petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code.

Whether CIRP against Corporate Guarantor be initiated in respect of loan account of the principal borrower

Section 7 of the Code permits a financial creditor to initiate a CIRP procedure against the guarantor being a corporate debtor in accordance with the default committed by the principal borrower.

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.

Legal solutions when real estate project is stuck

Since the real estate projects are the turkey projects and take multiple years to get it completed, a normal delay can be accepted. Any delay of more than 1 year from promised date of possession is regarded as ‘extra-ordinary delay’.

CoC is empowered to consider revised financial offers keeping in mind the time limit set out by law: NCLAT

The NCLAT had to decide whether the NCLT/CoC may provide resolution applicants repeated chances to alter their individual resolution plans and whether the CoC was authorised to entertain fresh or revised resolution plans without exhausting available bids.