{"id":24475,"date":"2023-05-07T11:00:17","date_gmt":"2023-05-07T05:30:17","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=24475"},"modified":"2023-05-07T12:15:54","modified_gmt":"2023-05-07T06:45:54","slug":"remedies-available-via-rera-cpa-ibc","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/remedies-available-via-rera-cpa-ibc\/","title":{"rendered":"Remedies available Via RERA \/CPA \/IBC"},"content":{"rendered":"

\"Home<\/h3>\n

Remedies available Via RERA \/CPA \/IBC<\/strong><\/span><\/h3>\n\n\n\n\n\n\n\n
BASIS<\/strong><\/span><\/td>\nRERA<\/strong><\/span><\/a><\/td>\nCPA<\/strong><\/span><\/td>\nIBC<\/strong><\/span><\/td>\n<\/tr>\n
WHO CAN FILE<\/strong><\/td>\nA PURCHASER, HOME BUYER OR PROSPECTIVE PURCHASER\/HOME BUYER OFFERED FLAT CAN FILE COMPLAINT IRRESPECTIVE OF THE FACT THAT SUCH PERSON IS CORPORATE ENTITY OR INDIVIDUAL.<\/td>\nCONSUMER SATISFYING THE REQUIREMENT AS PROVIDED UNDER SECTION 2(D) OF CPA, CAN FILE A CPA COMPLAINT. TYPICALLY, AN INDIVIDUAL WHO ENTERS INTO AGREEMENT FOR PURCHASE OF FLAT CAN FILE COMPLAINT WHEN HE PURCHASES THE SAME FOR HIS INDIVIDUAL USE AND RESIDENCE.<\/td>\nSINCE BY RECENT AMENDMENT IN AUGUST 2018, THE ALLOTTEE OF PROJECT IS CONSIDERED A FINANCIAL CREDITOR, ANY PERSON WHETHER AN INDIVIDUAL OR CORPORATE ENTITY CAN FILE AN INSOLVENCY APPLICATION UNDER SECTION 7 OF IBC.<\/td>\n<\/tr>\n
CASE TIMELINE<\/strong><\/td>\nRERA TAKES A\u00a0FEW MONTHS TO YEARS<\/strong>\u00a0FOR REDRESSAL OF GRIEVANCES DEPENDING ON THE STATE.<\/td>\nREDRESSAL OF GRIEVANCES OR ADJUDICATION OF A DISPUTE TAKES AN AVERAGE OF\u00a05 TO 6 YEARS<\/strong>\u00a0BY CONSUMER FORUMS.<\/td>\nIBC TAKES ABOUT\u00a06 MONTHS TO A YEAR<\/strong>\u00a0FOR ADJUDICATION OF INSOLVENCY APPLICATION BY ADJUDICATING AUTHORITY.<\/td>\n<\/tr>\n
ACCESSIBILITY<\/strong><\/td>\nTHERE ARE\u00a01 – 2 RERA OFFICES IN EACH STATE<\/strong>\u00a0WHICH HAS CONSTITUTED THE AUTHORITY UNDER THE ACT.<\/p>\n

MAHARASHTRA HAS OFFICES IN MUMBAI, PUNE AND NAGPUR.<\/td>\n

DISTRICT<\/strong>\u00a0FORUMS ESTABLISHED IN EVERY DISTRICT OF THE STATE.\u00a0STATE<\/strong>\u00a0COMMISSION PRESIDES IN EACH OF THESE STATES, WHILE THE NATIONAL<\/strong>\u00a0COMMISSION PRESIDES AT DELHI AND HAVING BENCHES IN VARIOUS PARTS OF THE COUNTRY AS WELL.<\/td>\nNCLT HAS\u00a016 BENCHES<\/strong>\u00a0ALL OVER INDIA. NCLT IS TYPICALLY CONSTITUTED FOR EACH STATE AND PRESIDES AT ONE PLACE IN THE STATE OR ONE NCLT IS COMMONLY EMPOWERED AND IS HAVING JURISDICTION OVER TWO STATES.<\/td>\n<\/tr>\n
EXECUTION\/ RELIEFS PROVIDED<\/strong><\/td>\nRERA TYPICALLY EXERCISE ITS POWER BY WAY OF AN ORDER TO IMPOSE FINE, DEREGISTER THE PROJECT, INCLUDE THE PROMOTER IN LIST OF DEFAULTERS, DIRECT COMPLETION OF PROJECT IN MANNER PROVIDED IN CONSULTATION WITH STATE GOVERNMENT AND PASS APPROPRIATE ORDERS INCIDENTAL THERETO.<\/td>\nCONSUMER FORUM HAS THE POWER TO EXECUTE THE ORDERS. THIS MAKES EXECUTION OF ORDERS ALSO AN EXPEDITIOUS AFFAIR IN COMPARISON TO REGULAR SUITS OR EXECUTION OF ORDERS PASSED BY VARIOUS COURTS\/QUASI-JUDICIAL FORUMS. SINCE THE SCOPE OF CONSUMER ACT IS LIMITED, THE RELIEF AND REMEDIES ARE COMPARATIVELY AN EXPEDITIOUS AFFAIR.<\/td>\nONCE, NCLT ADMITS THE INSOLVENCY APPLICATION, IRP COMES INTO THE PICTURE TO MANAGE THE AFFAIRS OF THE COMPANY AND IN CASE OF FAILURE OF CORPORATE INSOLVENCY RESOLUTION PROCESS (“CIRP”), LIQUIDATION WOULD BE COMMENCED. NCLT MONITORS THE ENTIRE PROCESS AND TIME TO TIME, VARIOUS REPORTS ARE REQUIRED TO BE FILED WITH NCLT.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

KEY OBSERVATIONS & ANALYSIS<\/strong><\/span><\/p>\n

\"Home<\/p>\n

    \n
  1. If person\u00a0could be a\u00a0consumer and seeks performance of statutory obligation or compensation in respect thereof, then Consumer Forum\u00a0could be a\u00a0better and effective remedy especially\u00a0just in case\u00a0where Developer is financially string enough to pay back the consumers. Also, an application be also filed with RERA<\/a>, for blacklisting such Developer and other reliefs which RERA can provide but consumer forum cannot.<\/li>\n
  2. If\u00a0an individual\u00a0isn’t\u00a0a consumer, then RERA would be more appropriate remedy.<\/li>\n
  3. If\u00a0someone\u00a0isn’t\u00a0a consumer and seeks\u00a0carrying out\u00a0of statutory obligations from Developer, his only remedy would be to file\u00a0a daily\u00a0suit. However, in order to avail the compensation and other reliefs, the person is required to approach RERA.<\/li>\n
  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\u00a0doesn’t\u00a0involve many flat in sale component.<\/li>\n
  5. Also, the more the project is closer to the verge of completion, RERA<\/a> would be a\u00a0more practical\u00a0remedy especially if Flat Purchaser\/Home Buyer desires\u00a0to get\u00a0a Flat and vice-versa\u00a0in addition to\u00a0the consideration that RERA\u00a0also can\u00a0provide compensatory reliefs.<\/li>\n
  6. Insolvency can always be availed as\u00a0an alternate\u00a0remedy when a Flat Purchaser feels that financial position of Developer is deteriorating and Developer\u00a0won’t\u00a0be\u00a0able to\u00a0complete any pending project and thereby fails to return\u00a0the money\u00a0with interest, shall be\u00a0able to\u00a0be prevent against any further deterioration.<\/li>\n
  7. \u00a0It’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.<\/li>\n
  8. In terms of execution, Insolvency since being process to liquidate the assets of entity or person\u00a0are going to be\u00a0a more lucrative remedy\u00a0just in case\u00a0there’s\u00a0high probability that Developer\u00a0might not\u00a0be in position to return\u00a0the cash\u00a0invested.<\/li>\n
  9. Consumer Forum since having power to enforce their own orders also provide great remedy\u00a0just in case\u00a0where builder has completed construction but delayed possession or not complied with statutory obligation\u00a0to get\u00a0reliefs in respect of both.<\/li>\n
  10. The Flat Purchaser\/Home Buyer can always initiate criminal proceedings against Developer against fraud or other criminal offences or acts committed by it.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    Remedies available Via RERA \/CPA \/IBC BASIS RERA CPA IBC WHO CAN FILE A PURCHASER, HOME BUYER OR PROSPECTIVE PURCHASER\/HOME BUYER OFFERED FLAT CAN FILE COMPLAINT IRRESPECTIVE OF THE FACT THAT SUCH PERSON IS CORPORATE ENTITY OR INDIVIDUAL. CONSUMER SATISFYING THE REQUIREMENT AS PROVIDED UNDER SECTION 2(D) OF CPA, CAN FILE A CPA COMPLAINT. TYPICALLY, …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[10095],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24475"}],"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=24475"}],"version-history":[{"count":3,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24475\/revisions"}],"predecessor-version":[{"id":24477,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24475\/revisions\/24477"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=24475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=24475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=24475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}