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The builder had apparently not handed over flats to buyers who had sought legal remedies for the repeated and lengthy delays in handover of the flats.
This discussion paper, inviting comments from stakeholders, seeks to implement the recommendations made by the committee on stalled real estate projects chaired by Amitabh Kant. This stems from the logistical impediments and shortcomings of the statutory framework faced by the insolvency processes of real estate companies, said legal experts.
Delay in completion the main reason. With this, more than 7,700 projects have lapsed since the inception of MahaRERA in May 2017. Real-estate developers cannot now advertise, market or sell apartments in these 7,700 projects.
To further streamline the corporate insolvency resolution process, the report added that the Ministry of Corporate Affairs has invited comments on changes being considered by the Insolvency and Bankruptcy Code.
Dublin, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The