{"id":13114,"date":"2021-06-26T14:40:55","date_gmt":"2021-06-26T09:10:55","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=13114"},"modified":"2024-12-18T22:58:34","modified_gmt":"2024-12-18T17:28:34","slug":"realty-revival-revival-of-real-estate-sector-via-ibc","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/","title":{"rendered":"Realty Revival: Revival Of Real Estate Sector via IBC"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d4e5e64988a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d4e5e64988a\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#REVIVAL_OF_REAL_ESTATE_SECTOR\" title=\"REVIVAL OF REAL ESTATE SECTOR\">REVIVAL OF REAL ESTATE SECTOR<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#COMPLETION_OF_THE_PROJECT_BY_THE_PRESENT_BUILDER\" title=\"COMPLETION OF THE PROJECT BY\u00a0THE PRESENT\u00a0BUILDER \">COMPLETION OF THE PROJECT BY\u00a0THE PRESENT\u00a0BUILDER <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#BENEFITS\" title=\"BENEFITS\">BENEFITS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#CHALLENGES\" title=\"CHALLENGES\">CHALLENGES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#RESOLUTION_PROCESS_BY_NCLT_UNDER_IBC_LAWS\" title=\"RESOLUTION PROCESS BY NCLT UNDER IBC LAWS\">RESOLUTION PROCESS BY NCLT UNDER IBC LAWS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#BENEFITS-2\" title=\"BENEFITS\">BENEFITS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#CHALLENGES-2\" title=\"CHALLENGES\">CHALLENGES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#TAKE-OVER_OF_PROJECT_UNDER_RERA_LAWS\" title=\"TAKE-OVER OF PROJECT UNDER RERA LAWS\">TAKE-OVER OF PROJECT UNDER RERA LAWS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#BENEFITS-3\" title=\"BENEFITS\">BENEFITS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#CHALLENGES-3\" title=\"CHALLENGES\">CHALLENGES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#NCLT_VS_RERA\" title=\"NCLT VS RERA\">NCLT VS RERA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#MINIMUM_BUYERS_REQUIRED_FOR_INSOLVENCY_PLEA_AGAINST_BUILDERS\" title=\"MINIMUM BUYERS REQUIRED FOR INSOLVENCY PLEA AGAINST BUILDERS \">MINIMUM BUYERS REQUIRED FOR INSOLVENCY PLEA AGAINST BUILDERS <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#BREATHER_FOR_BUILDERS_AS_GOVT_EXTENDS_SUSPENSION_OF_IBC_TILL_DEC_2020\" title=\"BREATHER FOR BUILDERS AS GOVT EXTENDS SUSPENSION OF IBC TILL DEC 2020\">BREATHER FOR BUILDERS AS GOVT EXTENDS SUSPENSION OF IBC TILL DEC 2020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#IMPACT_ON_BUILDERS_AND_HOME_BUYERS\" title=\"IMPACT ON BUILDERS AND HOME BUYERS\">IMPACT ON BUILDERS AND HOME BUYERS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#HOME_BUYERS_BE_TREATED_AS_FINANCIAL_CREDITORS\" title=\"HOME BUYERS BE TREATED AS FINANCIAL CREDITORS\">HOME BUYERS BE TREATED AS FINANCIAL CREDITORS<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#FIXING_OF_MISMATCH\" title=\"FIXING OF MISMATCH\">FIXING OF MISMATCH<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#SC_UPHOLDS_IBC_AMENDMENT_REQUIRING_MINIMUM_10_HOME-BUYERS_FOR_INITIATION_OF_INSOLVENCY_AGAINST_BUILDER\" title=\"SC UPHOLDS IBC AMENDMENT REQUIRING MINIMUM 10% HOME-BUYERS FOR INITIATION OF INSOLVENCY AGAINST BUILDER\">SC UPHOLDS IBC AMENDMENT REQUIRING MINIMUM 10% HOME-BUYERS FOR INITIATION OF INSOLVENCY AGAINST BUILDER<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#HOME_BUYERS_TRI-LEMMA\" title=\"HOME BUYER&#8217;S TRI-LEMMA\">HOME BUYER&#8217;S TRI-LEMMA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/carajput.com\/blog\/realty-revival-revival-of-real-estate-sector-via-ibc\/#INR_12L_Cr_loans_written_off_in_10_yrs_half_of_it_by_PSU_bks_in_last_5_yrs\" title=\"INR 12L Cr loans written off in 10 yrs, half of it by PSU bks in last 5 yrs\">INR 12L Cr loans written off in 10 yrs, half of it by PSU bks in last 5 yrs<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/05\/Elements-of-Avoidable-Preferential-Specified-Transactions-under-IBC-2016.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-6318\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/05\/Elements-of-Avoidable-Preferential-Specified-Transactions-under-IBC-2016.jpg\" alt=\"www.carajput.com;IBC\" width=\"920\" height=\"1006\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/05\/Elements-of-Avoidable-Preferential-Specified-Transactions-under-IBC-2016.jpg 816w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/05\/Elements-of-Avoidable-Preferential-Specified-Transactions-under-IBC-2016-274x300.jpg 274w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/05\/Elements-of-Avoidable-Preferential-Specified-Transactions-under-IBC-2016-768x840.jpg 768w\" sizes=\"(max-width: 920px) 100vw, 920px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"REVIVAL_OF_REAL_ESTATE_SECTOR\"><\/span><span style=\"color: #ff0000;\"><strong>REVIVAL OF REAL ESTATE SECTOR<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Status as on 24.05.2021<\/p>\n<p>As per a recent survey,\u00a0over\u00a06.10 Lacs units spread across 1500 Projects which are either stalled projects or delayed projects by\u00a0over\u00a04-5 years. And\u00a0there&#8217;s\u00a0no construction work going there. As per a recent article published in Financial Express,\u00a0the subsequent\u00a0was the findings:<\/p>\n<p>At\u00a0the top\u00a0of 2019,\u00a0a complete\u00a0of 1,322 projects comprising about 5.76 lakh units, which were launched in 2013 or before, were stuck at various stages\u00a0thanks to\u00a0non-completion\u00a0within the\u00a0top seven cities.<\/p>\n<p>However, this number was\u00a0right down to\u00a01,132 projects comprising about 5.02 lakh units at\u00a0the top\u00a0of 2020.\u00a0the full\u00a0value of present stuck or delayed housing stock is\u00a0quite\u00a0Rs 4.07 lakh crore,\u00a0in keeping with\u00a0findings by ANAROCK Property Consultants.<\/p>\n<p>As above, Thousands of units throughout\u00a0the state\u00a0are either stuck or delayed.\u00a0a typical\u00a0man invests his lifetime hard-earned money in big projects advertised by the developers.<\/p>\n<p>Such projects remain undeveloped for years\u00a0with none\u00a0progress at the project site. There\u00a0are also\u00a0various reasons for such delay, like, diversion\u00a0of cash, lack\u00a0of coming up with, and dispute with the landowner etc.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"COMPLETION_OF_THE_PROJECT_BY_THE_PRESENT_BUILDER\"><\/span><span style=\"color: #000080;\"><strong>COMPLETION OF THE PROJECT BY\u00a0THE PRESENT\u00a0BUILDER <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This can be\u00a0the foremost\u00a0convenient and fast way for completion of the project if the intention\u00a0and therefore the\u00a0money are infused\u00a0to finish\u00a0the pending project within the time-bound process, taking all stakeholders into consideration.<\/p>\n<p>However, after loss of trust, lack of cash and lot of litigation, it becomes very difficult. Another strategy of \u201cReverse <a href=\"https:\/\/carajput.com\/blog\/tag\/insolvency-and-bankruptcy-code-ibc\/\">Insolvency\u201d\u00a0<\/a>can even\u00a0be experienced\u00a0to complete\u00a0the development.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"BENEFITS\"><\/span><span style=\"color: #000080;\"><strong>BENEFITS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>Existing builder knows all the approvals, technical points of the project<\/li>\n<li>Construction\u00a0may be\u00a0started immediately<\/li>\n<li>All the documentations, licenses\u00a0are\u00a0renewed immediately<\/li>\n<\/ol>\n<p>However, there are various big challenges\u00a0therein\u00a0which might\u00a0be summarized as under:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"CHALLENGES\"><\/span><span style=\"color: #000080;\"><strong>CHALLENGES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>Loss\u00a0of religion\u00a0and trust by buyers &amp; investors<\/li>\n<li>Lack\u00a0of cash\u00a0to complete\u00a0the pending project<\/li>\n<li>Generally, various litigations keep pending before RERA, NCLT, and other Court would be pending against the builder which becomes a hindrance<\/li>\n<li>Most of the builder and promoters\u00a0face\u00a0criminal charges or behind bars<\/li>\n<li>Admission of Insolvency petition by Hon\u2019ble NCLT \u2013 By\u00a0that point, various default would have arisen, and if the NCLT admits Insolvency Process (CIRP) then all work would be stopped<\/li>\n<li>Non-cooperation from buyers and bank- It become very difficult to convince various stakeholder\u00a0to carry\u00a0their claims till the project is completed<\/li>\n<li>Interference by legal issues pending at various level<\/li>\n<li>Difference between the promoters or landowners or another stakeholder<\/li>\n<li>Difficult\u00a0to lift\u00a0money\u00a0because of\u00a0lack of trust and goodwill<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"RESOLUTION_PROCESS_BY_NCLT_UNDER_IBC_LAWS\"><\/span><span style=\"color: #0000ff;\"><strong>RESOLUTION PROCESS BY NCLT <a style=\"color: #0000ff;\" href=\"https:\/\/carajput.com\/learn\/quick-review-on-insolvency-and-bankruptcy-code.html\">UNDER IBC LAWS<\/a><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This is often\u00a0the foremost\u00a0secure, practical, and result-oriented process. As per IBC Laws, if any company is unable to pay its debts or\u00a0within the\u00a0case of homebuyers, unable to handover the units as per the Builder Buyer Agreement (BBA), then Hon\u2019ble NCLT (National Company Law Tribunal) may initiate the Resolution process upon filing the petition u\/s 7 or 9 of Insolvency and Bankruptcy Code, 2016 (IBC Laws).<\/p>\n<p>There\u00a0are\u00a0various cases where\u00a0assets\u00a0Company has been resolved or are being resolved under IBC Laws.<\/p>\n<p>Under IBC Laws,\u00a0just in case\u00a0of homebuyers, 10% of allottees or 100 buyers whichever\u00a0is a smaller amount, may file petition u\/s 7 of IBC Laws before Hon\u2019ble NCLT to initiate the resolution process.<br \/>\nIf NCLT is convinced that default has occurred,\u00a0and also the\u00a0application is complete\u00a0all told\u00a0aspects, the CIRP (Corporate Insolvency Resolution Process) is initiated.\u00a0the subsequent\u00a0are the benefit and challenge analysis:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"BENEFITS-2\"><\/span><span style=\"color: #000080;\"><strong>BENEFITS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>Due to <a href=\"https:\/\/resource.cdn.icai.org\/65473cibc52815-3m.pdf\">Moratorium<\/a> u\/s 14 of IBC Laws, all rights and power vest at 1 place to<br \/>\nfind a resolution<\/li>\n<li>Overriding effect \u2013 IBC Laws has an overriding effect on other laws in India, be it RERA, Consumer Court, Civil Courts, and other Courts &amp; Authority<\/li>\n<li>Builder\u00a0must\u00a0give all its assets and liabilities to the IRP\/RP<\/li>\n<li>NCLT appointed IRP,\u00a0make sure\u00a0of management and business<\/li>\n<li>Committee of Creditors (body\u00a0of monetary\u00a0Creditors) takes all decisions regarding the resolution process<\/li>\n<li>Time-bound process for resolution Plan<\/li>\n<li>Participation by all Creditors<\/li>\n<li>Supervision of process by IRP, IBBI, NCLT<\/li>\n<li>Open bid\u00a0to induce\u00a0maximization of assets<\/li>\n<li>Time-bound prescribed process to be followed for resolution<\/li>\n<li>Only NCLT, then appeal before Hon\u2019ble NCLAT and Hon\u2019ble Supreme Court power to\u00a0cater to\u00a0matters<\/li>\n<li>RP is appointed as per CoC approval<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"CHALLENGES-2\"><\/span><span style=\"color: #000080;\"><strong>CHALLENGES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>Filing petition by\u00a0quite\u00a010% or 100 homebuyers before Hon\u2019ble NCLT<\/li>\n<li>Lack\u00a0of data\u00a0of IBC Laws<\/li>\n<li>Most IRP, don\u2019t\u00a0put off\u00a0of box solution\u00a0to provide\u00a0maximum value<\/li>\n<\/ol>\n<p>The resolution process\u00a0is predicated\u00a0on the \u201cCreditor-in-Charge\u201d principle. Hence, if the builder is unable\u00a0to complete\u00a0the project, the fate of\u00a0the corporate\u00a0shall be decided by the creditors (Financial Creditors)<\/p>\n<h3><span class=\"ez-toc-section\" id=\"TAKE-OVER_OF_PROJECT_UNDER_RERA_LAWS\"><\/span><span style=\"color: #000080;\"><strong>TAKE-OVER OF PROJECT UNDER RERA LAWS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>RERA is new set of laws that was enacted\u00a0to provide a market to the real\u00a0estate industry and\u00a0to guard\u00a0the homebuyers. As per section 8 of the RERA Act, the <a href=\"https:\/\/carajput.com\/blog\/tag\/rera\/\">RERA<\/a> authority has\u00a0the ability\u00a0to cancel the registration of any project and with the prior permission of the respective State Govt. can take over the project.<\/p>\n<p>However, there\u00a0are\u00a0only a few\u00a0instances where such power of take-over has been exercised.<br \/>\nThe following are the benefit and challenge analysis:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"BENEFITS-3\"><\/span><span style=\"color: #000080;\"><strong>BENEFITS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>Filing the complaint with the RERA authority\u00a0is straightforward<\/li>\n<li>May be joined by other homebuyers<\/li>\n<li>Local supervision<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"CHALLENGES-3\"><\/span><span style=\"color: #000080;\"><strong>CHALLENGES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>2\/3 of allottees are required to initiate such a take-over process<\/li>\n<li>Prior approval from State Govt. is required<\/li>\n<li>No prescribed mechanism to take-over and complete the pending construction work<\/li>\n<li>It\u00a0is extremely\u00a0difficult\u00a0to hitch\u00a0by 2\/3 of allottees\u00a0to create\u00a0an association for this purpose<\/li>\n<li>Non-involvement by Banks and other creditors<\/li>\n<li>Overriding effect of IBC Laws, if any IBC petition is filed by\u00a0the other\u00a0creditor,\u00a0the method\u00a0would be stopped<\/li>\n<li>The\u00a0right\u00a0of assets and management lies with old management<\/li>\n<li>No moratorium on other legal remedies and recoveries i.e., the DRT may initiate the sell the property for the banks<\/li>\n<li>Non-cooperation by banks, old management or other creditors<\/li>\n<li>No legal structure for distribution\u00a0of cash\u00a0etc.<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"NCLT_VS_RERA\"><\/span><span style=\"color: #000080;\"><strong>NCLT VS RERA<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If we\u00a0speak about\u00a0a\u00a0more practical\u00a0legal remedy before homebuyers then approaching NCLT is anyway\u00a0a more robust\u00a0option available to them.\u00a0it&#8217;s\u00a0simpler\u00a0outcomes as compared\u00a0to it\u00a0of RERA.<\/p>\n<p>RERA undoubtedly\u00a0may be a\u00a0law particularly\u00a0handling\u00a0the important\u00a0estate concern but the execution of RERA orders\u00a0continues to be\u00a0a giant\u00a0question before the system. But even after knowing this fact, buyers\u2019 approach RERA because the RERA Authorities entertain individual complaints.<\/p>\n<p>Since the IBC Laws has an overriding effect and has the legal framework of\u00a0the whole\u00a0resolution process, the IBC process through NCLT is\u00a0more practical, time-bound, practical, and result-oriented.<\/p>\n<p>A right legal remedy comes from\u00a0the proper\u00a0legal advice. Getting\u00a0an honest\u00a0legal team that shows you\u00a0the proper\u00a0legal path is half battle won. Getting delayed justice\u00a0is not any\u00a0justice.\u00a0an honest\u00a0legal team will\u00a0facilitate you\u2019re\u00a0in getting justice on time with\u00a0an efficient\u00a0remedy.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"MINIMUM_BUYERS_REQUIRED_FOR_INSOLVENCY_PLEA_AGAINST_BUILDERS\"><\/span><strong><span style=\"color: #000080;\">MINIMUM BUYERS REQUIRED FOR INSOLVENCY PLEA AGAINST BUILDERS<\/span> <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In a move that comes as a setback for home buyers, India\u2019s top court, on Lee&#8217;s Birthday, 2021, upheld the Constitutional validity of the changes made within the Insolvency and Bankruptcy Code (IBC).<\/p>\n<p>These amendments said that\u00a0a minimum of\u00a0100 buyers of a project or 10 per cent buyers of the project\u00a0should\u00a0jointly file an application,\u00a0to begin\u00a0insolvency proceedings against a defaulting builder.<\/p>\n<p>Before the amendment was made to Section 7, under the IBC (Amendment) Act 2020, even\u00a0a private\u00a0buyer could file a plea against a builder\u00a0within the\u00a0insolvency tribunals.<\/p>\n<p>The amendment to Section 7 provides that home buyers can initiate an insolvency resolution process against the builder jointly by not but 100 such allottees or not but 10 per cent of the whole number of such allottees within the same project.<br \/>\n\u201cIn the case of the allottees of\u00a0a true\u00a0estate project,\u00a0it&#8217;s\u00a0the approach of the legislature that\u00a0in an exceedingly\u00a0realty\u00a0project, there would be\u00a0an oversized\u00a0number of allottees. There\u00a0are\u00a0hundreds\u00a0or perhaps\u00a0thousands of allottees\u00a0in an exceedingly\u00a0project,\u201d the three-judge bench of the Supreme Court (SC) said.<\/p>\n<p>It also said that if\u00a0one\u00a0buyer was allowed\u00a0to manoeuvre\u00a0insolvency tribunals against a builder,\u00a0it&#8217;s going to\u00a0pose a risk to the interests of\u00a0an outsized\u00a0number of other stakeholders.<\/p>\n<p>&#8220;where any one allottee, being a financial creditor, be allowed to manoeuvre an application, the same shall lead to sufferance of interests of all the opposite allottees. a number of them may approach the Authority under the RERA.<\/p>\n<p>Others may, instead, resort to the fora under the Consumer Protection Act, though, the remedy of a causa is, no doubt, not ruled out,&#8221; the SC said in its order, while also stating that amendments to Sections 3 and 10 of the Code don&#8217;t violate the home buyers\u2019 right to equality under Article 14 of the Constitution.<\/p>\n<p>The apex court also justified the amendments to the code, saying buyers\u00a0have already got\u00a0a platform\u00a0within the\u00a0variety of\u00a0RERA to approach,\u00a0just in case\u00a0of any issues.<br \/>\nWhile stating that \u2018it\u00a0cannot be\u00a0in question\u00a0that under the law, an allottee can seek remedies under the RERA or Consumer Protection Act\u2019, the SC said that &#8220;Section 71 of the RERA permits\u00a0an individual, who has filed a complaint in respect of matters governed by Sections 12, 14, 18 and 19 of the RERA, to withdraw the complaint and file\u00a0the identical\u00a0before the adjudicating officer.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"BREATHER_FOR_BUILDERS_AS_GOVT_EXTENDS_SUSPENSION_OF_IBC_TILL_DEC_2020\"><\/span><span style=\"color: #000080;\"><strong>BREATHER FOR BUILDERS AS GOVT EXTENDS SUSPENSION OF <a href=\"https:\/\/carajput.com\/learn\/quick-review-on-insolvency-and-bankruptcy-code.html\">IBC<\/a> TILL DEC 2020<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>September 25, 2020: Offering a breather to the Coronavirus-hit\u00a0businessmen\u00a0in India,\u00a0the govt., on September 24, 2020, extended the suspension of the Insolvency and Bankruptcy Code (IBC)\u00a0for one more\u00a0three months.<\/p>\n<p>This implies that companies, including property developers, can&#8217;t be dragged into insolvency for defaults on credit liabilities between quarter day, 2020 and December 24, 2020. Defaults committed before Lady Day, 2020, won&#8217;t be covered under this nine-month grace period.<\/p>\n<p>In June 2020,\u00a0the company\u00a0Affairs Ministry announced the move to suspend key provisions of the Code,\u00a0to supply\u00a0support to businesses at a time when the economy was fighting against the deadly virus and its impact.<\/p>\n<p>However, to enable itself\u00a0to increase\u00a0this suspension of the Code for a period of up\u00a0to at least one\u00a0year, the centre has now promulgated an ordinance,\u00a0to create\u00a0changes\u00a0within the\u00a0IBC. Such a step was required for suspension of Section 7, Section 9 and Section 10 of the IBC.<\/p>\n<p>While Section 7 and Section 9 empower financial creditors and operational creditors to initiate insolvency proceedings against a defaulting company, Section 10 provides\u00a0the identical\u00a0right to\u00a0a company.\u00a0the govt\u00a0has also inserted\u00a0a brand-new\u00a0section, Section 10A, to empower itself\u00a0to increase\u00a0the amount\u00a0of suspension by up\u00a0to 1\u00a0year.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"IMPACT_ON_BUILDERS_AND_HOME_BUYERS\"><\/span><span style=\"color: #000080;\"><strong>IMPACT ON BUILDERS AND HOME BUYERS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While the move would offer some cushion to the cash-starved builder community in India that has been at the receiving end of\u00a0a requirement\u00a0slowdown for over half a decade now,\u00a0it&#8217;ll\u00a0curtail the legal remedies available to homebuyers against defaulting developers.<\/p>\n<p>According to Real Insight: Q2 2020, a quarterly analysis of India\u2019s key housing markets by PropTiger.com, housing sales\u00a0within the\u00a0April-June period of 2020 dipped by 79% over\u00a0the identical\u00a0period last year.<\/p>\n<p>As against 92,764 units\u00a0within the\u00a0same period in 2019, only 19,038 units were sold during April-June 2020. As of June 30, 2020, developers also had an unsold inventory\u00a0of seven,38,335 units across these markets.\u00a0the govt\u00a0latest measure\u00a0would supply\u00a0cash-hit developers a limited time window,\u00a0to boost\u00a0performance, to avoid bankruptcy.<\/p>\n<p>It would, on\u00a0the opposite\u00a0hand, curtail the rights that homebuyers enjoy under the insolvency law. Through changes\u00a0within the\u00a0Code in 2018 and by insertion of Section 7 in it,\u00a0the govt\u00a0brought homebuyers at a par with other creditors in insolvency proceedings against a builder.<\/p>\n<p>This meant that buyers could initiate insolvency proceedings against a builder,\u00a0similar to\u00a0banks or contractors. In August 2020, the Supreme Court also upheld the constitutional validity of the amendments\u00a0within the\u00a0Code, saying that the RERA\u00a0and therefore the\u00a0IBC should\u00a0add\u00a0harmony, to safeguard the interests of homebuyers in India.<\/p>\n<p>However, the govt has limited the legal remedies available to home buyers under the IBC, likewise because the RERA, through various measures announced within the backdrop of the COVID-19 situation.<\/p>\n<p>In May 2020,\u00a0the govt.\u00a0allowed builders to cite the\u00a0vis major\u00a0clause for project delays.\u00a0because the\u00a0land\u00a0(Regulation and Development) Act (RERA) states that builders can use\u00a0the advantages\u00a0of this clause for up\u00a0to at least one\u00a0year, developers\u00a0will be able to undertake the following route, in order to avoid payment of hefty fine to homebuyers in respect of project delays till May 2021.<\/p>\n<p>Offering similar relief to homebuyers,\u00a0the govt\u00a0launched a six-month\u00a0consumer credit\u00a0moratorium for borrowers.\u00a0while\u00a0non-payment of EMIs during\u00a0this era\u00a0won&#8217;t\u00a0be categorised as defaults, the borrower will\u00a0find yourself\u00a0paying additional interest, for availing of the relief offered under the moratorium period.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"HOME_BUYERS_BE_TREATED_AS_FINANCIAL_CREDITORS\"><\/span><span style=\"color: #000080;\"><strong>HOME BUYERS BE TREATED AS FINANCIAL CREDITORS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Homebuyers now have the identical privileges as financial institutions, in insolvency proceedings against assets developers, with the Supreme Court (SC) on August 9, 2019, upholding the amendments within the Insolven cy and Bankruptcy Code (IBC) that grants buyers the status of economic creditors.<\/p>\n<p>Before the Insolvency and Bankruptcy Code (Amendment) Bill, 2019, was passed in Parliament, buyers were placed right at the underside of the committee of creditors (CoC), when the resolution plans for sick developers were to be figured out.<\/p>\n<p>Giving its verdict, while\u00a0casting off\u00a0a batch of over 180 petitions filed by various builders,\u00a0the highest\u00a0court also said\u00a0the 000\u00a0Estate (Regulation and Development) Act, 2016, should be interpreted\u00a0harmonic\u00a0with the Code. However,\u00a0just in case\u00a0of a conflict, the Code should prevail. While asking the centre\u00a0to require\u00a0corrective measures, the SC also said only genuine homebuyers can invoke insolvency proceedings against developers.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"FIXING_OF_MISMATCH\"><\/span><span style=\"color: #000080;\"><strong>FIXING OF MISMATCH<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Before it became evident that strict punishment would be inflicted on them under the provisions of the important estate law, property developers used every trick in their books to lift money from buyers.<\/p>\n<p>This was certainly the simplest possible thanks to collect funds \u2014 banks would do a good deal of \u2018due diligence\u2019 before they grant a loan, that they might charge a high rate of interest. Non-banking finance companies seemed warmer. However, the speed of interest on the loan that NBFCs charge, is higher.<\/p>\n<p>To entice buyers into investing in assets projects, developers promised them assured returns (small players are still seen doing it). within the commercial property segment, buyers were often promised assured returns of up to 12 per cent. More frequent were instances of sudden stopping of those payments by developers.<\/p>\n<p>In a move\u00a0that will\u00a0further tighten the noose around unscrupulous builders who promise assured returns to buyers and stop payments midway, the National Company Law Appellate Tribunal (NCLAT) has ruled that assured returns promised by a developer to a buyer through\u00a0a correct\u00a0agreement, is financial debt\u00a0and therefore the\u00a0latter can file for an insolvency resolution under the Insolvency and Bankruptcy Code (IBC),\u00a0just in case\u00a0the previous\u00a0fails to honour the agreement.<\/p>\n<p>Buyers also can move insolvency tribunals, just in case builders take a lump-sum amount from them and fail to grant possession or pay the money within a time frame. just in case a buyer slid a builder\u2019s verbal promise and didn&#8217;t document the pact, he wouldn&#8217;t be eligible to assert relief. In short, proper documentation is that the key here.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"SC_UPHOLDS_IBC_AMENDMENT_REQUIRING_MINIMUM_10_HOME-BUYERS_FOR_INITIATION_OF_INSOLVENCY_AGAINST_BUILDER\"><\/span><span style=\"color: #000080;\"><strong>SC UPHOLDS IBC AMENDMENT REQUIRING MINIMUM 10% HOME-BUYERS FOR INITIATION OF INSOLVENCY AGAINST BUILDER<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>After holding home-buyers as financial creditors as per the Insolvency and Bankruptcy Code (IBC), the Supreme Court on Tuesday accepted an amendment\u00a0within the\u00a0IBC as constitutionally valid,\u00a0which needs\u00a0no\u00a0but\u00a0100 or 10% home-buyers to initiate insolvency against builder or developer.<\/p>\n<p>Under the IBC amendment\u00a0gone\u00a0the Parliament in March 2020,\u00a0one\u00a0home-buyer is barred to approach the National Company Law Tribunal (NCLT) under Section 7 of the IBC.<\/p>\n<p>There were petitions in SC challenging Section 3 of IBC which has placed differential conditions on home-buyers to initiate corporate insolvency\u00a0and backbone\u00a0process (CIRP) against builders.<\/p>\n<p>The amendment and subsequent ruling by the apex court limits the avenues for redress available to aggrieved home-buyers and also defeats\u00a0the aim\u00a0of including home-buyers as financial creditors under IBC.<\/p>\n<p>In its order the apex court says, &#8220;Sheer numbers of applications\u00a0that will\u00a0proliferate, combined with the likely results,\u00a0cannot be\u00a0pushed aside.&#8221; Section 3 of IBC allows home-buyers\u00a0to hunt\u00a0CIRP process against builder\u00a0only\u00a0100 allottees or\u00a0a minimum of\u00a010% of allottees make a joint application.<\/p>\n<p>This means, home-buyers are now required to approach the NCLT with a joint application of\u00a0a minimum of\u00a010% or 100 of\u00a0the full\u00a0home-buyers of a project. If the numbers of home-buyers are\u00a0but\u00a0that, NCLT will dismiss their application ipso facto.<br \/>\nIn other words, home-buyers can approach the NCLT against a builder or developer only with a joint application,\u00a0kind of like\u00a0the provisions\u00a0within the\u00a0Companies Act, where certain actions against\u00a0a corporation\u00a0will be\u00a0activated only by members representing not\u00a0but\u00a0100 members or members holding not\u00a0but\u00a010% of the share capital.<\/p>\n<p>According to a January 2020 report from the Mint,\u00a0a bunch\u00a0of home-buyers have filed multiple writ petitions with the Supreme Court challenging the amendment\u00a0within the\u00a0IBC that placed a minimum threshold on\u00a0the quantity\u00a0of home-buyers. Such a petition was filed on behalf of 11 home-buyers who were from Noida and Gurgaon. Another writ petition has been filed by Centrik Legalistic on behalf\u00a0of 5\u00a0home-buyers.<\/p>\n<p>Quoting Piyush Singh, partner at PSP Legal, a Delhi-based\u00a0house, the newspaper says, \u201cBringing a threshold\u00a0only for\u00a0home-buyers\u00a0is unfair\u00a0while\u00a0there&#8217;s\u00a0no threshold for\u00a0the other\u00a0financial or operational creditors.<\/p>\n<p>Even\u00a0one\u00a0financial or operational creditor (other than home-buyer) can file an application against\u00a0the corporate\u00a0with NCLT for starting of the liquidation process.&#8221;<\/p>\n<p>Last year in March, the Insolvency and Bankruptcy Code (Amendment) Bill, 2020 was\u00a0lapsed\u00a0the Parliament. At\u00a0that point, Union\u00a0minister\u00a0(FM) Nirmala Sitharaman\u00a0distinguished\u00a0that government understands the difficulties being faced by the home-buyers.<\/p>\n<p>&#8220;We have shown clear, pro-active initiatives to\u00a0mapped out\u00a0the cases which are lying incomplete. We would be providing the last-mile completion related funding and that would be through a single window mechanism,&#8221; she had said.<\/p>\n<p>The minister had also said that\u00a0the quantity\u00a0of cases\u00a0regarding\u00a0concerns of home-buyers filed since inception (NCLT) was 2,454. &#8220;Proper care has been taken in respect of the interests of home-buyers,&#8221; mentioned by the minister.<\/p>\n<p>Later while announcing relief packages for COVID-19 pandemic, the FM increased\u00a0the brink\u00a0for defaulting companies under the IBC to Rs1 crore from Rs1 lakh earlier.<br \/>\nBefore the Supreme Court ruling in August 2019, home-buyers were treated as other creditors\u00a0and that they\u00a0weren&#8217;t\u00a0considered\u00a0&#8216;financial creditors&#8217; or as &#8216;operational creditors&#8217;, which restricted their ability to initiate insolvency proceedings under the IBC against a defaulting builder or developer. In its August 2019 order, the apex court had upheld\u00a0the govt.\u00a0decision to grant home-buyers the status\u00a0of economic\u00a0creditors.<\/p>\n<p>The SC had also asked\u00a0the govt\u00a0to adequately man\u00a0the important\u00a0Estate (Regulation and Development) Act, 2016 (RERA) and National Company Law Tribunal (NCLT) saying, &#8220;IBC provisions should be read harmoniously with RERA. Every application pending before NCLT\u00a0are\u00a0selected\u00a0their own merit with\u00a0relevancy\u00a0this apex court judgement.&#8221;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"HOME_BUYERS_TRI-LEMMA\"><\/span><span style=\"color: #000080;\"><strong>HOME BUYER&#8217;S TRI-LEMMA<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As discussed earlier, the unexamined aspects of declaring Homebuyers as Financial Creditors under the Insolvency and Bankruptcy Code, 2016 (IBC). We dive deeper into the remedies available and its nuances under Consumer Protection Act, 1986 (CPA)\u00a0and therefore the\u00a0assets\u00a0(Regulation and Development) Act, 2016 (RERA)\u00a0together with\u00a0IBC, 2016.<\/p>\n<ol>\n<li>Real Estate (Regulation and Development) Act, 2016 (RERA) seeks\u00a0to produce\u00a0uniform laws throughout the country,\u00a0for shielding\u00a0the interest of home buyers and seeks\u00a0to extend\u00a0transparency in functioning of construction companies and reduce\u00a0the possibilities\u00a0of default or misappropriation of funds by Builders.<\/li>\n<li>Consumer Protection Act, 1986 (CPA) was passed and placed in order to provide a speedy Redressal mechanism to &#8220;CONSUMERS&#8221; who alleged Unfair Trade Practice or Deficiency with\u00a0relevancy\u00a0Goods or Services &#8211; home buyers were also included within the purview of the Act by interpreting the word &#8220;Services&#8221; under the Act\u00a0to incorporate\u00a0construction.<\/li>\n<li>Insolvency and Bankruptcy Code, 2016 (IBC) &#8211; one among the foremost effective mechanisms for timely recovery of monies and revival of sick companies &#8211; also included the Allottees of a project and deemed them as Financial Creditors within the meaning of the Act thereby providing another remedy to victimized homebuyers in India.<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">In the M\/s M3M India Pvt. Ltd. vs. Dr Dinesh Sharma and Anr. case, judgment was\u00a0lapsed\u00a0Delhi\u00a0court\u00a0while deciding a batch of petitions moved by several\u00a0assets\u00a0companies against an order\u00a0gone by\u00a0the National Consumer Disputes Redressal Commission (NCDRC). The question for consideration was whether proceedings under the CPA 1986\u00a0may be\u00a0commenced by homebuyers against developers after the commencement of RERA 2016.<\/p>\n<p style=\"padding-left: 40px;\">While passing the judgment, the\u00a0supreme court\u00a0placed reliance on the recent Supreme Court judgment in Pioneer Urban Land and Infrastructure Ltd &amp; Anr vs. Union of India &amp; Ors, (2019) &#8211; also\u00a0referred to as\u00a0the Flat Buyer&#8217;s case &#8211; wherein\u00a0it absolutely was\u00a0held that those remedies given to allottees of flats are concurrent\u00a0and that they\u00a0are\u00a0in a very\u00a0position to avail remedies under the CPA, RERA\u00a0additionally\u00a0trigger the IBC.<\/p>\n<p style=\"padding-left: 40px;\">\u00a0it absolutely was\u00a0observed that the provisions of RERA\u00a0weren&#8217;t\u00a0intended to be exclusive, but to run parallel with other remedies\u00a0and also the\u00a0supreme court\u00a0followed suit\u00a0within the\u00a0M3M India case.<\/p>\n<p style=\"padding-left: 40px;\">While dismissing\u00a0an oversized\u00a0number writ petitions filed by the developers, the Court in Pioneer upheld the following:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>The IBC amendment is constitutionally valid by virtue of which &#8216;Allottees&#8217; were brought within the ambit\u00a0of economic\u00a0Creditors<\/li>\n<li>The amendment act\u00a0doesn&#8217;t\u00a0infringe Articles 14, 19(1)(g) read with Article 19(6) or 300-A of the Constitution of India.<\/li>\n<li>Remedies to the Allottees under various statutes\u00a0like\u00a0the RERA,\u00a0the buyer\u00a0protection act,\u00a0and therefore the\u00a0IBA are concurrent.<\/li>\n<li>In case of conflict between the RERA\u00a0and also the\u00a0IBC, the IBC would prevail.<\/li>\n<li>Allottees were always subsumed within the definition of Section 5(8)(f) and therefore the explanation and deeming fiction added by the Amendment act was only explanatory in nature<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"INR_12L_Cr_loans_written_off_in_10_yrs_half_of_it_by_PSU_bks_in_last_5_yrs\"><\/span><span style=\"color: #000080;\"><strong>INR 12L Cr loans written off in 10 yrs, half of it by PSU bks in last 5 yrs<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28044\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/06\/\u20b912L-Cr-loans-written-off-in-10-yrs-half-of-it-by-PSU-bks-in-last-5-yrs.jpg\" alt=\"INR 12L Cr loans written off in 10 yrs, half of it by PSU bks in last 5 yrs\" width=\"1096\" height=\"918\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/06\/\u20b912L-Cr-loans-written-off-in-10-yrs-half-of-it-by-PSU-bks-in-last-5-yrs.jpg 1096w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/06\/\u20b912L-Cr-loans-written-off-in-10-yrs-half-of-it-by-PSU-bks-in-last-5-yrs-300x251.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/06\/\u20b912L-Cr-loans-written-off-in-10-yrs-half-of-it-by-PSU-bks-in-last-5-yrs-1024x858.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/06\/\u20b912L-Cr-loans-written-off-in-10-yrs-half-of-it-by-PSU-bks-in-last-5-yrs-768x643.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/06\/\u20b912L-Cr-loans-written-off-in-10-yrs-half-of-it-by-PSU-bks-in-last-5-yrs-800x670.jpg 800w\" sizes=\"(max-width: 1096px) 100vw, 1096px\" \/><\/p>\n<p><span style=\"color: #000080;\"><strong>CONCLUSION<\/strong><\/span><\/p>\n<p>From the recent judgments\u00a0gone by\u00a0the\u00a0state supreme court, the Supreme Court and even the authorities under <a href=\"https:\/\/www.caindelhiindia.com\/blog\/cabinet-approves-real-estate-regulation-and-development-bill-2015\/\">RERA<\/a>, CPA and IBC, the judicial sentiment seems to favour\u00a0the house\u00a0buyer.<\/p>\n<p>From a conjoint reading of the judgment of the Supreme Court\u00a0within the\u00a0case of Pioneer (supra) or the Court\u00a0within the\u00a0case of Messrs M3M (supra), the judiciary has armed an aggrieved\u00a0vendee\u00a0with\u00a0a bunch\u00a0of remedies\u00a0to hunt\u00a0relief against a developer\u00a0and convey\u00a0you a step closer to owning your dream home!<\/p>\n<p><iframe loading=\"lazy\" title=\"Insolvency &amp; Bankruptcy Code, 2016 | Issues &amp; Concerns| How it is form | \u0915\u0902\u092a\u0928\u0940 \u092a\u0930 \u0932\u0947\u0928\u0926\u093e\u0930\u094b\u0902 \u0915\u0947 \u0905\u0927\u093f\u0915\u093e\u0930\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/0Jcppo7HJAo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>Popular blog:-<\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/overviews-of-principles-of-avoidable-preferential-transactions-ibc-2016\/\">Overviews of Principles of Avoidable Preferential Transactions IBC-2016<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/key-highlights-of-racp-bill-2020-and-companies-amendment-bill2020\/\">Key Highlights of RACP Bill, 2020 and Companies (Amendment) Bill,2020<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/summary-of-new-mca-official-updates-under-the-company-act-2013\/\">Summary of New MCA official updates under the Company Act 20<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/services\/how-does-the-role-of-resolution-professional-help.php\">How does the Role of Resolution Professional help under IBC<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>REVIVAL OF REAL ESTATE SECTOR Status as on 24.05.2021 As per a recent survey,\u00a0over\u00a06.10 Lacs units spread across 1500 Projects which are either stalled projects or delayed projects by\u00a0over\u00a04-5 years. And\u00a0there&#8217;s\u00a0no construction work going there. As per a recent article published in Financial Express,\u00a0the subsequent\u00a0was the findings: At\u00a0the top\u00a0of 2019,\u00a0a complete\u00a0of 1,322 projects comprising about &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8789],"tags":[9961],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/13114"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=13114"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/13114\/revisions"}],"predecessor-version":[{"id":28045,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/13114\/revisions\/28045"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=13114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=13114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=13114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}