Remedies available Via RERA /CPA /IBC

Remedies available Via RERA /CPA /IBC

KEY OBSERVATIONS & ANALYSIS

1. If person could be a consumer and seeks performance of statutory obligation or compensation in respect thereof, then Consumer Forum could be a better and effective remedy especially just in case where Developer is financially string enough to pay back the consumers. Also, an application be also filed with RERA, for blacklisting such Developer and other reliefs which RERA can provide but consumer forum cannot.
2. If an individual isn’t a consumer, then RERA would be more appropriate remedy.
3. If someone isn’t a consumer and seeks carrying out of statutory obligations from Developer, his only remedy would be to file a daily suit. However, in order to avail the compensation and other reliefs, the person is required to approach RERA.
4. If Person, whether consumer or not, is seeking only return of his money, especially when Developers financial position is deteriorating, then Insolvency Application before NCLT would be appropriate remedy more so when its redevelopment of property that doesn’t involve many flat in sale component.
5. Also, the more the project is closer to the verge of completion, RERA would be a more practical remedy especially if Flat Purchaser/Home Buyer desires to get a Flat and vice-versa in addition to the consideration that RERA also can provide compensatory reliefs.
6. Insolvency can always be availed as an alternate remedy when a Flat Purchaser feels that financial position of Developer is deteriorating and Developer won’t be able to complete any pending project and thereby fails to return the money with interest, shall be able to be prevent against any further deterioration.
7. It’ll help to get recovery of maximum amount of cash invested together with Interest. Completion of project may take several years because of various practical difficulties which will arise within the completion of project. Also, execution of order for payment of cash won’t have any fruitful result if Developer doesn’t have financial ability to pay it.
8. In terms of execution, Insolvency since being process to liquidate the assets of entity or person are going to be a more lucrative remedy just in case there’s high probability that Developer might not be in position to return the cash invested.
9. Consumer Forum since having power to enforce their own orders also provide great remedy just in case where builder has completed construction but delayed possession or not complied with statutory obligation to get reliefs in respect of both.
10. The Flat Purchaser/Home Buyer can always initiate criminal proceedings against Developer against fraud or other criminal offences or acts committed by it.