How to take maximum benefit from RERA as a Homebuyer and as a builder?
RERA was established to do away with project delays, malpractice, and irregularities in norms and increase transparency and accountability from builders and homebuyers both.
Search Results for: filing of Insolvency application
Lease Premium & Lease Rent not included in Explanation to Section 14(1)(D) of the IBC, 2016
The lease premium and rent given to the Corporate Debtor are not included in Section 14(1)(D) of the Insolvency and Bankruptcy Code, 2016.
Section 33(5) of IBC doesn’t bar legal proceedings against a ship owned by Corporate Debtor in liquidation: Bombay HC
It is evident upon reading Section 33(5) that this clause merely forbids the filing of a lawsuit or other legal action against the Corporate Debtor. It in no way precludes the filing of a lawsuit or starting another legal action against a ship or vessel owned by the corporate debtor.
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The Apex Court used its authority under Article 142 to allow the CIRP proceedings to be withdrawn and to adjudicate all outstanding issues between the parties in the greater interest of the homebuyers.
Appeals and Limitations under Section 17 of the Limitations Act
Since a specific limitation period for filing such an appeal is clearly mentioned, Section 17 of the Limitation Act could not be applied here.
Water connection cannot be restored automatically to the successful resolution applicant
The Successful Resolution Applicant requested Maharashtra Industrial Development Corporation (hereinafter referred to as MIDC) for a new water connection to revive the operations at the plant of the Corporate Debtor.
IBC Does Not Prohibit an Assignee from Continuing Pending Section 7 Proceedings: Judgement by NCLAT Delhi
A person to whom a debt has been properly assigned or transferred is also included in the definition of “Financial Creditor” under Section 5(7) of the IBC.
Whether the license fee can be claimed as Operational Debt
In the present case, debt pertaining to unpaid license fee was fully covered within the meaning of ‘operation debt’ under Section 5(21), and the Adjudicating Authority committed an error in holding that the debt claimed by the Operational Creditor is not an ‘operational debt’
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.
Limitation is continuous in cases of Homebuyers
If a homebuyer failed to file his/her case then will his/her case will not be taken and his grievances won’t be solved? The answer to this question is “NO”! The reason here is that the limitation period in the case of a homebuyer is continuous in view of the non-handing over of the possession of the unit.
‘Arbitration Clause’ – Its invocation and process
The process is not too tedious and is generally accepted by the court, thus, helping the parties to resolve disputes in a time bound manner.
Arbitration Award- Its Validity and Enforceability
Individuals and corporates have begun to opt for ‘Arbitration’ as the chosen mode for resolution of their disputes to avoid court delays and other legal hassles of court.
How RERA and NCLT would be a solution for stuck projects
Different forums provide for different reliefs and one must be cautious enough before choosing an appropriate forum. Before choosing the appropriate forum, points to be analyzed are type of violation by the builder, what relief is prayed for, urgency, repetitive nature, financial condition of the builder, status of other projects, etc.
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.
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