Insolvency Process starts against Rohtas Projects
This article is all about the insolvency process which has been initiated which may include filing of claims, acceptance of claims, making of the committee of creditors and resolution plan
This article is all about the insolvency process which has been initiated which may include filing of claims, acceptance of claims, making of the committee of creditors and resolution plan
The UP-RERA Authority has ordered to revoke the registration of these existing developers whose projects have been standing-out for more than one year.
The claims can be filed before the Resolution Process will be closed, but in the same case, the Creditor cannot become a part of the COC without filing the claim.
Centrik is feeling proud to being helping hand to the 144 aggrieved homebuyers to get justice on handover stalled projects.
Judgment, which is titled Pioneer Urban Land and Infrastructure Ltd. and Anr. v. Union of India and Ors. upholds the constitutional validity of Section 5(8)(f) of the Insolvency & Bankruptcy Code, 2016 (hereinafter as the ‘Code’).
Not mentioning the date of giving possession to the buyer is a clear matter of fraud and misrepresentation and as per the Maharashtra Ownership of Flats Act of 1963.
If any company is not making the payment as per agreed terms, then an insolvency petition may be filed u/s 7 or 9 based upon the facts, before NCLT to initiate the insolvency proceedings.
The execution of the orders is still a far fetched process as the RERA has failed to implement the execution mechanism under the RERA.
Although, the home-buyers are taking a sigh of relief but what if there is no Builder-Buyer agreement executed between the Builder and buyer.
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.
Mumbai Grahak Panchayat has come with a solution wherein it has launched a portal that will enable buyers to upload information of ongoing residential projects
Filing of complaint is the first step in getting justice but as they say well begun is half done thus if filling is done efficiently justice cannot be left far behind.
RERA Authorities are functional in almost all states. The authorities though being on nascent stage are trying their best to deliver justice to all the aggrieved homebuyers.
The builders started acting smart and cancelled the allotment on this pretext but never returned the money collected from the buyers.
A brief and helpful article on RERA and FIR for the homebuyers out there who are cheated by builder and still waiting for the possession.