Expert's take on doubts surrounding IBC and MahaRERA

  • | Tuesday | 10th September, 2019

DNA, brings to its readers expert's take, where experts from a variety of fields take questions and give ready answers to issues close to citizen's heart. But it is true that some homebuyers have filed a complaint before National Company Law Tribunal (NCLT) against HDIL under Insolvency & Bankruptcy Code (IBC). The effect of such complaint is that any other complaints against the same builder before Consumer Court under the Consumer Protection Act or before MahaRERA under RERA Act get automatically stayed. The developers take advantage of this provision and show existing members' portion (rehab portion) as a separate phase and thus try to escape RERA registration. Even MahaRERA Authority is now convinced that rehab portion has to be registered with MahaRERA and hence it has proposed suitable amendment in the state rules to ensure that the entire re-development project, including rehab portion, will be registered under MahaRERA.

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