Refund sought by home-buyers due to an inordinate delay in the ...

Case Laws Insolvency and Bankruptcy

March 7, 2022

Refund sought by home-buyers due to an inordinate delay in the completion of the project and failure to handover possession within the stipulated time - application was filed prior to the amendment to Section 7 of the IBC, which now permits 100 or 10% of the home buyers/allottees to apply under Section 7 of the IBC - In the present case, as observed, out of the total 128 home buyers of 176 units, 82 homebuyers are against the insolvency proceedings and the original applicants have also settled their dispute with the appellant and corporate debtor. Even the object and purpose of the IBC is not to kill the company and stop/stall the project, but to ensure that the business of the company runs as a going concern - SC

View Source

← Previous Next →

Refund sought by home-buyers due to an inordinate delay in the ...

Case Laws Insolvency and Bankruptcy

March 7, 2022

You may also like:

Seeking recovery of dues - priority of charge over the project of the Corporate Debtor and the constructions raised thereon - Non-Performing assets -the home buyers have...

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

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,...

Condonation of delay in re-filing appeals by revenue rejected - Delay of three years - Delays by government departments due to impersonal official machinery not accepted...

Disallowance of proportionate interest expenditure - capital attributable to project ‘B’ i.e. unfinished project - This interest expenditure disallowed was not related...

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...

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

Deduction u/s 80IA was allowed despite delay in filing Form 10CCB due to technical glitches on the Income Tax portal. The form was filed 1 hour 22 minutes after the due...

CIRP - Seeking Formulation and implementation of a scheme that conclusively addresses the grievances of other home buyers who may not have the capacity to approach...

Condonation of delay in filing the Income tax returns on the specified due date u/s 119(2)(b) - As per petitioner due to covid-19 pandemic and due to change of Auditors,...

Refund of service tax - commercial and industrial construction service - time limitation - since the claim for refund is based on the decision of the Delhi High Court in...

Accrual of income - treating of advances received by the assessee from flat buyers as income of the assessee for AY 2006-07 - selection of Project Completion Method or...

Refund claim - Period of limitation - Double Taxation - The respondent had also paid tax on the same invoices. - The petitioner sought direction for the refund of Input...

Delay in issuing Refund under Direct Tax Vivad Se Vishwas Scheme 2020 - interest on delayed refund - Despite the issuance of Form No. 5, the refunds for the Assessment...

Direction to refund entire sum deposited by complainants with interest at 12% per annum from date of respective deposit till refund for delay in completion of project...

Quick Updates: