Latest Updates Around The World
NEW DELHI: The Supreme Court on Thursday ruled that homebuyer associations or Resident Welfare Associations (RWAs), which are usually formed for the maintenance and management of common facilities in a housing project, cannot intervene in the insolvency proceedings of the developer company.A bench of Justices JB Pardiwala and R Mahdevan, who upheld the insolvency proceedings […]
As the availability of new land tightens and competition increases in India’s key urban markets, strategic buyers are increasingly using the corporate insolvency resolution process under the Insolvency and Bankruptcy Code to gain access to urban real estate assets.The framework plays an increasingly important role in facilitating ownership transitions and land consolidation in cities with […]
NEW DELHI: By ordering roped in of a new developer to complete the Supertech Supernova project in Noida, which is currently insolvent, and removing the company’s former promoters, the insolvency resolution professional (IRP) and the committee of creditors (CoC), the Supreme Court has revived hopes among lakhs of homebuyers that other frozen housing projects can […]
NEW DELHI: The Enforcement Directorate has said that real estate developer Experion Developers misused the provisions of the Insolvency and Bankruptcy Code in acquiring 9.3 hectares of land in Sector 62 of Gurugram.While investigating a Prevention of Money Laundering (PMLA) case against Religare Finvest, the ED had seized assets of the corporate debtor, Dignity Buildcon, […]
