The Supreme Court allowed nearly 400 flat buyers fighting the legal battle with the JP Group to intervene in the main case. Now the flat buyers will be able to interfere in JP Group’s debt relief case. Flat buyers reached the Supreme Court seeking relief in this case.
Under the Debt Refinance and Bankruptcy Code 2016, flat buyers do not fall into the category of lenders like the bank. Flat buyers can get back the money only after leaving some after payment of secured and operating lenders. Flat buyers in their petition demanded directing the government and others to not deduct the inherent rights and statutory status of the flat owners / buyers under the Code. They did not consider them as a consumer defined under the Consumer Protection Act.
Chief Justice Deepak Mishra and Justice AM Khanwilkar and Justice D.V. Chandrachud allowed the JP Orchard Resident Welfare Society to withdraw their petition. The petition sought to allow the firm to relieve and intervene in the main case. The court had stayed on the hearing of the investor’s petition. After the proceedings of the debt relief case against JP in the National Company Law Tribunal in Allahabad, the apex court reconsidered. The apex court then stayed the permission of the company’s management director and directors without permission for foreign travel.
Nifoa’s Petition was approved in the High Court Noida: Nifoa has filed a petition in the Allahabad High Court after the change in the provisions of the Real Estate Regulatory Act (RERA), with the change in the Uttar Pradesh government in the state. The petition has been made on tampering with the RERA Act. The petition has been approved by the court.
Indra Kumar, general secretary of Nephova, said that the definition of project under implementation in the state is different from the definition mentioned in the Real Estate Regulation and Development Act (2016) passed by the Center. Under the provisions of the Project RERA Act, which has been applied to the competent authority for compliance certificates or occupancy certificates before the date of issue of the notification for the projects under the RERA, implemented by the State Government, (27 October 2016) Will not come With the announcement of the implementation of RERA Act in the state, many builders had applied for the compliance certificates of half-a-blank project in the Authority.
In connivance with the authorization and builder, many projects of Noida and Great Noida have been provided to the compliance certification without further scrutiny. Also, the definition of Common Area in the Act enforced by the State Government has also been changed. In the provision of the Dera Act of the Center, the builder was referring to a fine of ten percent of the total project cast, but in the Act, Even in Noida and Greater Noida, around 2.5 lakh flat buyers are affected by the delay in completion of the project.