The application filed by the homebuyers under section 7 of IBC shall be maintainable. Therefore the homebuyers are advised to approach NCLT under IBC to recover their stuck money in a time-bound manner.
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.
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.
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 homebuyers who wish to seek refund of their amount are legally entitled to approach National Company Law Tribunal (NCLT) under IBC.
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.
Almost 18 months have passed since the enactment and the central government as well as concerned state governments are far from the intended mark of implementation.
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.
The delay in projects got converted from months to years shattering the dream of owning a home of many homebuyers. A detailed article on how to get refund from the builders under RERA.
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.
The RERA Act mandated registration with the newly formulated state RERA authorities but the rebate was given to projects which have already procured occupation and completion certificates.
Implementation of RERA is to secure justice for the homebuyers; that now all authorities are coming to full functionality in states all projects should be covered under the Act.
An awareness camp will be launched by the state RERA authority in order to make the consumers aware about the buyer’s rights under the Act.
The IBC ordinance is the latest entry into the ring. What does it hold for homebuyers like you and me? A lot.
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