Real Estate Developer HDIL Lose Case Against Flat Purchasers At NCLAT, One Of The Biggest Win For Flat Purchasers
3 years, 2 months ago

Real Estate Developer HDIL Lose Case Against Flat Purchasers At NCLAT, One Of The Biggest Win For Flat Purchasers

Live Law  

M/s SOLICIS LEX had filed a consolidated appeal in the NCLAT on behalf of many flat purchasers. NCLT order has been set aside and CoC and RP have been granted 90 days' time to complete resolution process - project wise - as stated in minutes of CoC meeting dated 08/09/21. Mr Manish Sukhani head NCLT Division at Solicis Lex stated that this could be one such landmark Judgement of NCLAT which benefits flat purchasers setting a good example against defaulting Builders. Counsel Sunil Fernandes stated that poor and middle class flat purchasers have got a new Ray of hope through this NCLAT order.

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History of this topic

NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC
11 months, 3 weeks ago

NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC

Live Law  

The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the IBC does not provide any scope for dissatisfied homebuyers in the minority to override the majority decision taken by the Committee of Creditors. The NCLT Mumbai, in its order dated 06.10.2023, dismissed the application filed by the appellant and approved …

NCLAT Dismisses HDIL's Appeal; Gives Go Ahead To Initiate Insolvency Proceedings
4 years, 8 months ago

NCLAT Dismisses HDIL's Appeal; Gives Go Ahead To Initiate Insolvency Proceedings

Live Law  

The National Company Law Appellate Tribunal has upheld the order passed by NCLT, Mumbai Bench, against the real estate giant Housing Development & Infrastructure Limited for initiation of insolvency proceedings under the Insolvency and Bankruptcy Code 2016. Dismissing the appeal filed by HDIL's Promoter Rakesh Wadhwan, the Principal bench observed that the corporate debtor's claim was erroneous and it had …

NCDRC Orders Builder To Pay Rs.2.52 Crores To Homebuyer Who Was Not Delivered Flat As Promised [Read Order]
6 years ago

NCDRC Orders Builder To Pay Rs.2.52 Crores To Homebuyer Who Was Not Delivered Flat As Promised [Read Order]

Live Law  

A homebuyer-couple who was not delivered a 60th floor flat as promised by Mumbai-based Lodha Crown Buildmart Pvt Ltd has been granted relief by National Consumer Disputes Redressal Commission, which directed the builder to pay Rs 2.52 crores with interest at the rate of 9%. Apart from the builder-company, the NCDRC also held its present directors Ramandas Pandey and Pranav …

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