Under Section 7 of the IBC, this amendment allowed the home buyer to initiate insolvency proceedings against defaulting Promoters. However, the Insolvency Amendment 2018 was challenged in the Supreme Court of India by approximately 200 realtors.
There would be multiple reasons for such projects however the maximums projects are delayed or stalled due to diversion of money or unprofessional decisions of the builder.
Forum for People’s Collective Efforts, has approached the parliamentary standing committee on finance with its objection to a proposed amendment to the Insolvency and Bankruptcy Code.
As compared to RERA in other states Karnataka RERA has been disappointing since the day it got enacted. Builders and homebuyers both remained unhappy for many reasons.
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.
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.
Remedies for the home-buyers who are aggrieved because of the defective title of the land can file a complaint before RERA Authority or Adjudicating officer of the State.