ET Realty’s Post

In a bid to streamline real estate insolvency procedures, the government has unveiled a discussion paper about mitigating challenges encountered during corporate insolvency resolution processes (CIRPs). The discussion paper, released on 6 November 2023, delves into mandatory registration and extension of projects under the Real Estate Regulatory Authority (RERA), the necessity for separate bank accounts for each real estate project, and the execution of registration/sublease deeds with the approval of the committee of creditors (CoC) during the CIRP. Visit Law.asia (Vantage Asia Publishing Limited) for more information. 📲 Sign up for the latest updates in the legal industry: https://lnkd.in/ggV99EKr #iblj #india #insolvency #estate #amendments #legalnews #inhousecounsel #business #legalprofession #lawfirms #lawyers #legal #law #lawdotasia 

Home buyers appeal insolvency plea against Ansal Hi-tech get Rejected NEW DELHI: On Monday, NCLAT rejected a plea for insolvency against Ansal Hi-tech Township Ltd by homebuyers of a Greater Noida project. The appellate tribunal upheld their January 2023 decision, stating that the allottees, from different projects, weren't eligible to file the case. The NCLT's order was contested before the NCLAT, as the buyers contended that the contract was signed well in advance of the Real Estate Regulation and Development Act (RERA) and referred to Sushant Megapolis" as a single, comprehensive Project. They also added information about the structure, build, and location of the project. NCLAT emphasized that according to the RERA Act, all real estate projects must register with the Real Estate Regulatory Authority. Additionally, if a project is developed in stages, each stage requires a separate registration. Here are the agreements from Ansal Hi-tech Township: 1. Plot Allottee Agreement 2. Builtup Unit Allottee Agreement 3. Apartment Allottee Agreement NCLAT stated that to file for bankruptcy under the Insolvency & Bankruptcy Code for a real estate project, flat allottees (financial creditors) must jointly file a plea with either 100 other allottees from the same project or 10% of all allottees, whichever is fewer. Additionally, the township has real estate projects of various characters. Their Building Sanctioned Plans are different, and they have independent terms. Source: http://surl.li/slocm Follow: AAA Legal #aaalegal #insolvency #legal #valuation #fraud #nclt #ncalt #lawyer #bankruptcy 

From Blake, Cassels & Graydon LLP: Several significant judicial decisions and legislative updates occurred in 2023 that are relevant to commercial lenders, businesses and #restructuring professionals. This bulletin summarizes the key developments of 2023 and highlights areas of significance to be aware of in 2024. #insolvency #bankruptcy #canada

Elated to share our article titled, “Scope of Mediation in Insolvency Proceedings – Bespoke approach for the complete Code”co-authored with Rishika Kumar and Anirban Aly Mandal, published with IBC Laws. This article is special as both of my favourite subjects namely, Insolvency and Mediation are discussed. Hope you enjoy reading the same. https://lnkd.in/gq3iZWw5 #ABPost No. 290 #ABLegal

UPDATES of the day 27.01.2024 LEGAL MAXIM Mutatis Mutandis – With the necessary changes having been made. Or with the respective differences having been considered. NCLT NCLT admits Piramal Capital’s insolvency plea in Rs 1,065-cr default by developer The bankruptcy court has admitted Piramal Capital & Housing Finance’s plea to initiate a corporate insolvency resolution process against Edweena Real Estate after the company defaulted on its dues of more than Rs 1,065 crore. The Mumbai bench of the National Company Law Tribunal has also appointed Jayesh Natvarlal Sanghrajka as the resolution professional for the company. The total default includes the principal amount of Rs 499 crore and the outstanding interest thereon as of March 2023 of over Rs 395 crore, along with default interest and additional interest of more than Rs 169 crore. Read more at: https://lnkd.in/gq3_xSFy

Anjali Jain 𝐏𝐚𝐫𝐭𝐧𝐞𝐫 𝐚𝐭 𝐀𝐫𝐞𝐧𝐞𝐬𝐬 highlights the pivotal role of the 𝐈𝐧𝐬𝐨𝐥𝐯𝐞𝐧𝐜𝐲 𝐚𝐧𝐝 𝐁𝐚𝐧𝐤𝐫𝐮𝐩𝐭𝐜𝐲 𝐂𝐨𝐝𝐞, 2016 in reinforcing personal guarantor enforcement. In the landmark case of Dilip B. Jiwrajka v. Union of India, the Supreme Court's decision empowered creditors to initiate proceedings against guarantors, reshaping recovery strategies. She emphasizes that while traditional approaches persist, recent trends indicate a shift towards selling personal guarantees for better recovery rates. Despite low initial realizations, evolving jurisprudence and strategic enforcement can significantly boost recoveries, enhancing trust in the insolvency framework.   Read the full story here: https://lnkd.in/gT4GBPVS   #ibbi #areness #law #insolvencyandbankruptcy #legal #arenesslaw #insights #partner #insolvency #bankruptcy #InsolvencyExpert #InsolvencyAdvice

  Tyshchenko v Hyde and others [2024] EWHC 838 (Ch)   INSOLVENCY - APPEAL – STAY OF BANKRUPTCY PROCEEDINGS The Chancery Division refused permission to stay bankruptcy proceedings relating to the possession and sale of property here.   The appellant had been accused of fraudulent dealings regarding loans, and already had a worldwide freezing order against her.   The court had to consider the full picture regarding both parties. This included the diminishing value of the relevant property.   They deemed the appellant would be unable to pay costs relating to the bankruptcy without the sale of the property. This serves an important practical application in bankruptcy cases, when appellants are making such applications.   Summit Law LLP specialise in insolvency solutions. Please follow the link for further information https://lnkd.in/e4UzW6Gx.

A relevant and forward thinking topic, especially in light of the legislatice vaccum created in Real Estate Sector qua Insolvency matters. Do read on! Hammurabi & Solomon Partners