REVERSE INSOLVENCY – GOOD FOR ALL (HOMEBUYERS & BUILDER)
Reverse Insolvency Under IBC laws, seems best solution for struck real estate projects and Reverse Insolvency concept is kind good for both homebuyer and builder
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Implications of cheque bounce under Insolvency Laws (IBC)
Cheque bouncing is also the default in making payment of debt, and petition under IBC laws may be admitted
An Operational Creditor with an Arbitral Award can proceed as a Decree Holder
The National Company Law Tribunal has paved the way for operational creditors to revive their debt and proceed as decree holder.
Revised 1 crore threshold under IBC not to apply retrospectively
The interpretation adopted by the NCLT Chennai Bench over the prospective application of a new threshold of Rs 1 Crore brings a sigh of relief for all the creditors.
Reverse CIRP under IBC- A boon or Curse for the Homebuyers?
Earlier the allottees had an option of claiming refund of the entire amount. But under the reverse CIRP, the allottees will not be able to claim the refund.
Corporate Debtor cannot be blamed for delay in delivery of possession when delay occurs due to Force Majeure
Whether the delay in delivering possession is due to the Corporate Debtor & in case the delay is not due to the Corporate Debtor, but force majeure, it cannot be alleged that the Corporate Debtor has defaulted in delivering the possession.
Claim amount towards interest on loan alone cannot be termed as Operational Debt
A pre-existing dispute towards interest on the delayed payments before the issuance of the demand notice and that the alleged claim amount towards interest on loan alone, cannot be termed as an “Operational Debt”.
Further litigation/alternative remedy cannot be pursued by creditors whose claim is taken into consideration within resolution plan
The Appellants cannot be permitted to pursue alternative remedy of suit/arbitration proceeding even if pending as Resolution Plan is binding on all the stakeholders.
Homebuyers can now move RERA against Raheja Developers
Homebuyers who have been stuck due to CIRP and were unable to move before any court/ forum can now finally feel relieved and move before the developer company for any grievance.
Financial Creditors can Initiate Insolvency against Personal Guarantors under IBC
The new framework allows Creditors to continue recovery process with Personal Guarantor after completion of the Corporate Insolvency Resolution Process.
Relief for Creditors: Time taken under SARFAESI to be Excluded for Limitation Act
Order deliverd by NCLAT is a relief for creditors to invoke the jurisdiction of IBC and seek appropriate redressal for their long-awaited grievances against the debtor.
Remedies Available for Homebuyers in Delayed Projects
As a developing country, India had huge prospects for growth in the real estate sector, seeing this many people invested in the sector in good faith.
Insolvency Petition can’t be rejected if dispute is raised after Demand Notice
It was held that if the dispute is raised after the time period allowed in the demand notice, then this may not be a ground for rejecting the insolvency petition by operational creditor.
Moratorium period u/s 14 of Insolvency and Bankruptcy Code, is not applicable on the criminal proceedings under prevention of money laundering Act
Moratorium Period under section 14 of the code shall not apply upon such proceedings under the prevention of money laundering act.
Recovery under SEBI cannot take place during the moratorium period
Under section 14 of the code, the moratorium order is passed. Accordingly till the time moratorium period exists no other action or suit or case or proceedings against the corporate debtor can take place.
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