Centrik has tracked and been with RERA since its 1st day of implementation. During these 2 years of journey, we have resolved more than 6700 assignment relating to RERA and Insolvency laws on different issues.
No suit or legal proceeding against the company can be commenced or continued against the company after the passing of the winding up order except with the permission of the Tribunal.
RERA has been specifically setup to regulate the real estate sector therefore one must approach RERA before approaching NCLT.
Under Section 40 (1) of the RERA Act 2016, the authority can issue recovery warrants against developer who failed to comply with its order to refund home buyers.
Bihar RERA Authority exercising power under Section-36 of the Act which gives power to the Authority to pass interim orders for contravention of Act freezed the bank accounts of the builder.
An RC was issued for recovering 3.04 crores, based on the same a 15 days’ notice was issued to clear the dues post which due to non-compliance builders were arrested.
Maha-RERA issued a revenue recovery warrant and sent it to the Thane collector. And was forward to the Tehsildar of the area for property sealing and auctioning to recover the money.
The execution of the orders is still a far fetched process as the RERA has failed to implement the execution mechanism under the RERA.
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.
In many complaints, the builder contends that “Interest” is in the nature of compensation and it has to be decided by the Adjudicating officer and RERA Authority does not have any jurisdiction related to the decision of granting interest.
Gurugram bench of HRERA (Haryana RERA) fails to implement execution process despite being functional for close to one year.
The homebuyers can file a petition against the builder or developer to commence Corporate Insolvency Process or not.
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.
Real estate across the country is already witnessing signs of revival. In the last couple of quarters in this financial year, sales have witnessed more than 20% improvement over last year.
The matter of Shubhkamna in Greater Noida wherein the Authority has asked for a plan for the association of buyers to facilitate the complete works of the remaining project.
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