HOMEBUYER PETITION
Supertech homebuyers move SC as 17 stalled projects remain stuck, Rs 30 crore spent
Homebuyers of Supertech Limited have raised significant concerns regarding the lack of progress on stalled housing projects. The Homebuyers’ Association alleges that funding for the projects has been repeatedly declined, despite available proposals. The Association urges the Supreme Court to appoint a One-Man Committee for project completion. They emphasize the financial burden on homebuyers due to growing expenses without any delivered units.
Dissenting housing society members challenge redevelopment plan citing 10% less area, but lose the case in Maharashtra co-operate appellate court for this reason
Two members challenged redevelopment plan citing 10% less area with potential Rs 25 to 30 lakh loss; loses case in Maharashtra Co-operative appellate court in a interim judgement. This article explains why.
Duty of enforcement agencies to ensure compliance with law on wearing seat belts: SC
The Supreme Court affirmed existing seat belt laws are adequate for vehicle safety. It stressed law enforcement agencies must ensure citizens comply with these regulations. The court noted that seat belt non-compliance leads to serious injuries and fatalities. It directed the petitioner to submit suggestions to the competent authority. The plea was disposed of after this directive was issued.
Homebuyer paid for a flat in a Delhi housing society in 2003, got delayed possession, sought compensation for delay; SC defends his right
The SC said that the homebuyer can make a claim for compensation for delayed possession. “The subsequent receipt of possession cannot, by itself, extinguish the right of the allottee to seek adjudication of a claim for compensation for the alleged delay,” the top court stated. The top court has also revived the 2005 complaint made by the homebuyer.
Supreme Court seeks timeline for CBI probe into NCR housing projects
The Supreme Court has issued a decisive order for the CBI to outline a clear timeline for its investigation into numerous real estate developments in the NCR. The court strongly stated that lingering delays would only intensify the suffering of homebuyers.
SC ropes in ex-IB chief Rajiv Jain to examine Supertech insolvency case amid fund diversion allegations
The Supreme Court is seeking assistance from Rajiv Jain to investigate Supertech Realtors' insolvency, following allegations of fund siphoning by director Ram Kishore Arora across 21 projects. The court refused to halt insolvency proceedings, noting widespread investigations into Supertech's projects. Arora is contesting the insolvency, citing a settlement offer, while the Bank of Maharashtra denies any agreement.
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Govt-appointed Unitech Board moves court seeking release of properties attached by ED
The ED, meanwhile, has informed the court that it is "willing" to release the properties. If the court approves the demand, it will allow the board to utilise the resources to carry out the construction of Unitech's stalled projects, bringing relief to thousands of people who have for years been waiting for the delivery of their houses.
Delhi HC asks NBCC to return Rs 76L with interest to homebuyer, awards Rs 5L compensation
In the order passed on May 8, the court observed that the petitioner has been deprived of his money for the last 10 years and "structurally defective houses" have been constructed, leaving him in a complete lurch, and NBCC should be "dealt with severely" for reluctance to pay interest on the amount and ensuring the petitioner's rehabilitation.
Delhi High Court rejects Supertech homebuyers' plea to halt EMIs
Justice Purushaindra Kumar Kaurav refused to entertain the more than 200 petitions filed by homebuyers, including the Supertech Urban Home Buyers' Association Foundation, saying in view of the availability of alternative remedies available to homebuyers, their writ petitions are dismissed.
NCLT dismisses homebuyers' petition to reject Lavasa insolvency resolution plan
The homebuyers, in their petition, had sought the tribunal's intervention to declare the resolution plan submitted by Darwin Platform Infrastructure in violation of the Insolvency and Bankruptcy Code (IBC) and prayed to reject the revival plan, which was earlier approved by the lenders of the company.
Consumer Commission admits suit against Omkar Realtors’ subsidiary
About 56 homeowners of ‘Ananta’, one of the projects of Omkar Realtors had approached the consumer forum alleging that the developer has failed to provide amenities and facilities despite charging money for the same, at the time of selling the flats. Now, the homeowners are seeking a refund of their amount along with the interests.
NCLT dismisses insolvency petition of Wave group, imposes Rs 1 crore penalty
The Supreme Court had earlier dismissed a petition by a homebuyer, who challenged the proceedings initiated by the developer for corporate insolvency before the NCLT.
NCLT allows ICICI Prudential to withdraw insolvency proceedings against Anand Divine, a subsidiary of ATS
Last month, National Company Law Appellate Tribunal (NCLAT) had stayed the insolvency proceeding initiated by NCLT in March 2022 against Anand Divine Developers on a petition of ICICI Prudential Venture Capital for outstanding due of around Rs 25 crore.
Realty Check: Just 4% IBC cases resolved
The poor resolution rate further delays reprieve for thousands of homebuyers left in the lurch by builders.
Real estate developer Supertech declared insolvent by NCLT
The company which was under stress and was in the process of demolishing two illegal towers at its Noida project following the order of the Supreme Court, has multiple under construction projects in NCR.
Company law tribunal can't compel parties to settle dispute in insolvency proceedings under IBC, says SC
A bench comprising Justices D Y Chandrachud and A S Bopanna set aside the verdicts of NCLT and NCLAT which had asked the company to try to settle the claims of homebuyers within a time frame and had dismissed the pleas for initiation of insolvency proceedings against Bharath Hi Tech Builders Pvt. Ltd.
NCLT initiates insolvency proceedings against MGF Developments Limited
MGF had formed a joint venture with Emaar Properties, which entered India in 2005 with the largest FDI in the realty sector under Emaar MGF Land. In April 2016, Emaar decided to end the MGF joint venture and two months later, Shravan Gupta, the then executive vice chairman and managing director of the joint venture, resigned.
SC dismisses homebuyer’s petition challenging Wave group’s insolvency proceedings
Wave Mega City Center (WMCC) Private Limited, a special purpose vehicle of real estate developer Wave group, had moved the National Company Law Tribunal (NCLT) in April to initiate insolvency proceedings against itself in a rare move in India Inc’s present insolvency situations.
SC exempts retrospective petitions from IBC amendment
Home buyers can set stringent conditions for individual financial creditors to approach the bankruptcy court.
Jaypee homebuyers move Supreme Court against NCLAT order
The petition has been filed by a group 1000 homebuyers alleging that the NCLAT order passed on July 2 was in violation of IBC.
Law amended to help homebuyers, SC told
Real estate companies have challenged the validity of Section 5(8)(f) of the IBC, 2016 which ensures inclusion of homebuyers as financial creditors.
NCLT closes insolvency proceedings against Parsvnath Landmark
Parsvnath Developers' arm Parsvnath Landmark is constructing a housing project, comprising 500 units, at Civil Lines in the national capital.
Homebuyers accuse Ireo MD, accomplice of Rs 10,000 crore fraud
A group of homebuyers have sought a series of reliefs in an application to the Supreme Court demanding Ireo’s managing director, Lalit Goyal, and his accomplice be restrained from disposing any personal properties.
Unitech wants Supreme Court to stay NCLT order immediately
The order runs contrary to the top court’s direction to monetise the company’s assets and pay up dues to homebuyers, it argued.
JAL files petition in SC looking to sell Yamuna Expressway toll
The court said it will hear the matter on October 23. Last month the top court had directed the company to deposit Rs 2,000 crore with it by October 27 for paying the troubled home buyers.
Homebuyers confront petition challenging legality of RERA
Several builders had filed cases in high courts of Bombay, Nagpur, Aurangabad, Bangalore, Jabalpur to challenge the recently enacted Real Estate (Regulation & Development) Act, 2016.
Loans given by banks can’t have lesser priority: IDBI
The stay came on a petition by the builder’s customers who were yet to get possession of their flats and said the insolvency proceedings left them without any legal help.
Homebuyers of Jaypee Wish Town banking on IRP
Homebuyers urged the apex court to declare homebuyers as ‘secured creditors’ to help them get first right on the company’s asset in case of insolvency.
Jaypee homebuyers move Supreme Court against NCLT stay
It will hear the plea of flat buyers who alleged that they will neither get a home nor a refund on account of being "unsecured creditors".
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