The Ministry of Corporate Affairs may soon likely to move amendments to the code, including protection for new buyers and tighter norms for home buyers in terms of taking developers to the NCLT.
The latest government data shows that how IBC is a huge change brought by the recent government in terms of a speedy redressal for the aggrieved homebuyers.
Aviva Life is a joint venture between Dabur Invest Corp (Dabur group) and Aviva International Holding Ltd. This petition was filed against Aviva by Apeejay Trust for non-payment of rent and other relating dues totaling to over 27 lakh as claimed by Apeejay Trust in their petition.
Money matters are a sensitive issue for everyone involved in the business as nobody would want to leave or lose their hard-earned money like that.
The manner of recovery of interest, penalty and compensation and the same is to be carried out in the manner provided in Karnataka Land Revenue Act 1967 and the rules made there under.
If the builder is delaying in giving possession or not giving the property as per the agreements there are some effective legal remedies for the aggrieved homebuyers under the law.
The NCLAT has affirmed that a request for the initiation of the Corporate Insolvency Resolution Process(CIRP) under sections 7 and 9.
The hope of Ramkrishna Shard Parsodkar and his wife was shattered in to pieces when the builder failed to give possession after years of booking. That after being tormented at the hands of the builder, the couple was forced to approach the highest Consumer court of the county.
Corporate Insolvency Resolution Process initiated against Housing Development and Infrastructure Limited. Claims have been invited by the IRP from the creditors of the Company.
There has been no further clarification as to whether the home buyers are secured financial creditors or unsecured financial creditors, but in consideration of the recent developments, one thing is sure that the result will be in the interest of homebuyers only.
Home buyers are vital stakeholders in building projects. Many home buyers book their property in advance which helps builders raise funds for construction and development of the project.
Since there are various difficulties in getting the order executed. At this point of time, the orders may be executed through RERA and also one can approach NCLT under IBC Law.
Supreme Court allowed several buyers to join their suit property in order to increase valuation of their dispute and approach the NCDRC however buyers still find it difficult to get timely relief from the NCDRC.
After observing the current situation of the corporate debtor no creditor is willing to infuse more funds as they are afraid of losing the same through the enforcement of any law or authority under law.
In the light of the provisions and section 238 of IBC, when there arises any inconsistency between the aforementioned two laws the provision of IBC will prevail over the provisions of SARFAESI Act, 2002.
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