NCLAT HELD THAT APPLICABILITY OF SECTION 29A OF IBC WHILE CONSIDERING SECTION 12A OF IBC
In a very recent judgment, the Hon’ble NCLAT in the matter of Shweta Vishwanath Shirke & Ors. vs. Committee of Creditors, while dismissing the Order for liquidation of M/s Sterling Biotech, passed by the Adjudicating Authority, Mumbai Bench, has held that Section 29A of IBC is not applicable for entertaining/considering an application under Section 12A of IBC. The NCLAT while deciding the Appeals observed that the application moved under Section 12A having been approved by the 'Committee of Creditors' by more than 90% of the voting share as required under the Code, it was not open to the Adjudicating Authority to reject the same and that too on the ground that the promoter, who has moved the Application under Section 12A is ineligible under Section 29A to file a Resolution Plan.
7 Benefits to HomeBuyers Under IBC as Financial Creditors
Everywhere in India where new developments are going, real estate investors or home buyers have faced lots of problems of for getting possession of the property or either the refund of their hard earn money ,but unfortunately neither of option has really worked.
RERA complaint against builder -EasyLegalTax
As the fastest growing economy of the world, India is witnessing heavy development in the form of setting up of new industries, new residential development. Rural population is heavily migrating around the metropolitan cities because of which heavy construction is going around the main cities of India like Mumbai, Kolkatta, Banglore, Delhi even many others. Mushrooming of builders with residential projects has been registered with heavy numbers but sadfully, the volume with which projects have been setup, out of which lots of builders had defaulted the money of innocent home buyers.