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In India, the real estate sector is the most powerful economic foundation and second-highest employment generator, after the agriculture sector. It comprises of four sub-sectors - housing, retail,...
Imperia Structures Insolvency: Admitting a joint plea filed by 28 unit holders of its Gurugram-based project 'Imperia Mindscape', the insolvency tribunal said after examining the records, it is clear that there is a debt and a subsequent default by the realty firm for an amount of Rs 36.79 crore as it could not provide assured returns as promised.
"The petition establishes that the corporate debtor is in default of a debt due and payable and that the default is for an amount which is more than the minimum amount of pecuniary threshold stipulated under section 4 (1) of the Code. The instant petition... for initiating CIRP against Imperia Structures Limited, the corporate debtor, stands admitted and CIRP of Imperia Structures Limited is initiated," said NCLT.
The NCDRC presided by President Dr. Inder Jit Singh dismissed the Revision Petition filed by IndusInd Bank Ltd. (Bank) against Sanjay Ghosh (Complainant) and upheld the State Commission order...
To print this article, all you need is to be registered or login on Mondaq.com. The Parliament enacted the Real Estate (Regulation and Development) Act (RERA) in 2016, with the aim of protecting the rights and interests of consumers, along with the attainment of uniformity and standardization of business practices and transactions in the real estate sector. It, inter alia, endeavors to balance the interests of the consumers and promoters by imposing certain responsibilities on them. It seeks to establish a symmetry of information between the promoter on one hand and a ...