Initiation of CIRP - Apart from the fact that there are ‘force ...

Force majeure event impacts project completion, CIRP initiated. RERA relief sought, Section 7 application filed for refund, later rejected.

August 25, 2020

Case Laws Insolvency and Bankruptcy AT

Initiation of CIRP - Apart from the fact that there are ‘force majeure’ due to which the ‘Corporate Debtor’ could not complete the project, it is found that the 1st Respondent knocked the doors of the RERA and instead of waiting there, moved application under Section 7 not for Insolvency Resolution to get the Flat/ Apartment or liquidation, but for refund of the amount already paid. - Further after reaching upon the settlement, application rejected - AT

View Source

← Previous Next →

Initiation of CIRP - Apart from the fact that there are ‘force ...

Force majeure event impacts project completion, CIRP initiated. RERA relief sought, Section 7 application filed for refund, later rejected.

August 25, 2020

Case Laws Insolvency and Bankruptcy AT

You may also like:

CIRP - Completion of Real estate project during the Proceedings - Appellant filed an application seeking permission for unsecured and secured financial creditors to vote...

The NCLAT dismissed the application seeking to confine the corporate insolvency resolution process (CIRP) to only the 'Spaze Arrow' project of the corporate debtor. The...

The RERA lacks jurisdiction over projects completed before its enactment. The project obtained Occupation/Completion Certificate prior to RERA's commencement, rendering...

The case involves the Advance Ruling Authority determining the GST liability on selling residential units in a project after 'deemed completion' or 'first occupation' in...

Initiation of CIRP - All the projects of Corporate Debtor (Real Estate developer i.e Supertech Ltd.) or specified project to be proceeded against - In ‘CIRP’ Process,...

Section 80IB deduction denied due to non-completion of project within stipulated period u/s 80IB(10) by 31.03.2008 and commercial construction exceeding limit under...

Taxable event - Completion of contract - profit on sale of the flats - Advance received from VGP which in fact is the sale proceeds of the flats, on completion of the...

CIRP - denial of rights to be heard to protect the Financial Interest of Hundreds of Home Buyers / Allottees - Applicability of Threshold - joint filing by either 100...

U.P. RERA - Refund of the investment made along with interest to allottees under Section 31 of of The Real Estate(Regulation and Development) Act, 2016 and The Uttar...

Initiation of CIRP - FINANCIAL CREDITORS - Home buyers - NCLT admitted the application - Appellant has submitted that they are ready to deposit an amount of amount - by...

Exemption to goods supplied to the United Nations or an international organisation - The Explanation-2 was inserted with effect from 1.3.2008. Revenue sought to apply...

CIRP - Confinement of CIRP to one project - absence of any Project financing being brought in by the Promotor - absence of any Project Wise Accounts - whether the...

Determination of correct profits - percentage completion method - real estate development - when a stage is arrived that risk and rewards shift from the developer to...

Initiation of CIRP - Relevant date of default - The Tribunal noted the appellant’s arguments about defaults prior to the RBI’s COVID-19 moratorium guidelines but also...

Withdrawal of the CIRP against the Principal Borrower - bar for the Respondent/Lender in initiating fresh CIRP against the Guarantor or not - , this Tribunal holds that...

Quick Updates: