[Paras Khetan is a 3rd year BA.LLB (Hons.) student at the National Law School of India University in Bangalore] Recently, the National Company Law Appellate Tribunal (NCLAT) in Vijay Saini v. Devender Singh had the opportunity to interpret section 25A(3A) of the Insolvency and Bankruptcy Code, 2016 (IBC) in the context of a withdrawal application under section 12A of IBC. The NCLAT applied...
The Case for Farmland REITs: Redefining Real Estate Investments
[A.S Vamsi Krishna and Swagat Ahuja are 4th year B.A.LL.B. (Hons.) students at Rajiv Gandhi National University of Law, Punjab] Real estate investment trusts (‘REITs’) are publicly owned entities that enable a broad spectrum of investors to acquire fractional ownership in real estate assets. In recent years, farmland investments via REITs has gained traction due to their ability to provide stable...
Navigating the Labyrinth: Landowners’ Rights in Real Estate Insolvency
[Dhaval Bothra and Rajdeep Bhattacharjee are law students at Symbiosis Law School, Pune] The intricate realm of real estate development is governed by meticulous development agreements, fostering a collaborative relationship between landowners and developers. In this partnership, landowners contribute valuable land, while developers undertake construction responsibilities, potentially leading to...
Small and Medium REITs: Debunking Fractional Ownership and the Way Forward
[Aayush Ambasht and Rajdeep Bhattacharjee are 3rd Year BBA LLB (Hons.) students at Symbiosis Law School, Pune] In its board meeting on November 25, 2023, the Securities Exchange Board of India (‘SEBI’) approved amendments to the SEBI (Real Estate Investment Trusts, Regulations, 2014) for facilitating a regulatory framework for Small and Medium Real Estate Investment Trusts (‘SM REITs’). Through...
SEBI’s Reforms for REITs/InvITs: Assessing the Broader Corporate Governance Concerns
[Nikhil Javali is a 4th year B.B.A. LL.B. student at National Law University Odisha] As real estate investment trusts (‘REITs’) and infrastructure investment trusts (‘InvITs’) gain global recognition as a powerful investment vehicle, India is taking significant strides towards aligning its REIT/InvIT regulations with global best practices. Across the world, REITs have emerged as a dominant...
Landowners’ Plight Under the IBC
[Gaurav Mitra is an Independent Practitioner (LLM, University of Cambridge; BCL, University of Oxford), and Lavanya Pathak is an Associate at Chambers of Gaurav Mitra (LLM, University of Cambridge)] Courts have always strived to balance the interests of all parties involved in the proceedings under the Insolvency and Bankruptcy Code, 2016 (“IBC”). Particularly in reference to builder-buyer...
Who is a Consumer? Parallel Proceedings under RERA and CPA
[Varda Saxena is a 3rd year B.A., LL.B. (Hons.) student at Jindal Global Law School in Sonipat] Section 2(7) of the Consumer Protection Act, 2019 (“CPA“) mandates that a person who obtains goods for commercial purposes is not a consumer. This means that a person who obtains goods for reasons other than the sustenance of their livelihood or for reasons other than self-use is...
Fractional Ownership: Recommendations for Regulation
[Malavika Devaya is an Associate at Poovayya & Co., Bengaluru] Myre Capital, a fractional ownership platform by Morphogenesis, recently made headlines by raising INR 50 crores for its offering of the integrated township Magarpatta Cybercity. A concept that is fast gaining popularity in India but has been around in developed countries for a while now, fractional ownership is the obvious answer...
Straining Conceptual Consistency: Home Buyers as Financial Creditors
[M P Ram Mohan is Associate Professor, Indian Institute of Management Ahmedabad and Vishakha Raj a Research Associate, Strategy Area, Indian Institute of Management Ahmedabad. This post is based on the authors’ article Apartment Buyers as Financial Creditors: Pushing the Conceptual Limits of the Indian Insolvency Regime published in the Columbia Journal of Asian Law] A unique feature of the...
Flat Buyer’s Right To Claim Compensation For Delay In Handing Over Possession
[Ashish Singh is an Advocate and Former Managing Associate at L&L partners and Megha Shaw is a 4th year student at NUJS, Kolkata] Delays in handing over the possession of flats has become a rampant practice in the Indian real estate industry, due to which numerous innocent home buyers are being penalized. Such home buyers are not only left in the lurch without delivery of possession of their...
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