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The department has requested data from Noida and Greater Noida authorities regarding projects where builders have agreed to pay 25 per cent of their outstanding dues to the authorities.
Setting aside judgments and orders and remitting an execution application to national consumer disputes redressal commission (NCDRC), the Supreme Court (SC) clarified that protection of the moratorium will not be available to the directors or officers of the company undergoing corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC).
Setting aside judgments and orders and remitting an execution application to national consumer disputes redressal commission (NCDRC), the Supreme Court (SC) clarified that protection of the moratorium will not be available to the directors or officers of the company undergoing corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC).
Officials said that the expenses of the audit will be borne jointly by the respective residents’ welfare association and the builder concerned.
Flat buyers in the Sare Homes project in Gurugram staged a protest against the developer for failing to communicate about an ongoing legal process. The buyers, who have paid almost 95% of the cost of their property, allege that they have been denied their homes due to lack of communication, resulting in their inability to file their claims. A consortium recently acquired the developer under the Insolvency and Bankruptcy Code and agreed to complete the construction, but only accepted claims from 1,200 buyers out of a total of 1,699.