TagReal Estate

Home-Buyers in the IBC: Square Pegs in Round Holes?

[Sikha Bansal is a Senior Associate at Vinod Kothari & Company and can be reached at [email protected]] The ruling of the Supreme Court in Pioneer Urban Land and Infrastructure vs. Union of India comes as a breather for home-buyers, as it upholds the constitutional validity of the amendments made last year to section 5(8) of the Insolvency and Bankruptcy Code, 2016 (IBC). Section...

Real Estate Intermediaries: A Missed Opportunity in the Recent ECB Framework?

[Bhavin Gada, Soumya Shanker and Sharan Sanil are with M/s Economic Laws Practice, Advocates and Solicitors. The views of the authors are personal] Recently, the Reserve Bank of India (“RBI”), through the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018, consolidated all the erstwhile foreign exchange regulations governing the borrowing and lending in foreign currency or...

Creation and Operation of Tenancy Rights over Secured Assets under SARFAESI

[Samarth Saxena is a final year student at ILS Law College, Pune] The advent of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (“SARFAESI”) ushered in a new era of reforms for the Indian banking regime. These reforms were primarily aimed at facilitating the speedy recovery of defaulting loans and thereby controlling the rising levels of non...

Better Safe than Sorry: The Importance of Registering Lease Deeds

[Huzefa Tavawalla is a Leader, Aishwarya H a Senior Member and Anusha Reddy a Member, all at Nishith Desai Associates] The legal provisions which mandate registration of lease deeds are rarely explored. As a result, the law on registration of lease deeds is often misunderstood. While parties spend much time negotiating terms of a lease deed (lock-in period, security deposit, termination...

The Continuing Saga of Homebuyers under Insolvency and Bankruptcy Code

[Karan Sahi is a lawyer and company secretary. He can be contacted at [email protected]] Introduction The recent slump in the real estate industry culminated in a grim situation where several major builders have been unable to complete their housing projects and hand over possession to their customers, leaving them in the lurch. As is the usual practice, many of these customers have taken...

Inclusion of Home Buyers in the Insolvency Process: An Analysis

[Ashwin Mathew is with Mansukhlal Hiralal & Co, Mumbai] Introduction Pursuant to the Insolvency Law Reform Committee Report dated 3 April 2018 (“Report”), the Government has promulgated the Insolvency and Bankruptcy (Amendment) Ordinance, 2018 (“Ordinance”) on 6 June 2018 to implement the recommendations in the Report by amending the Insolvency and Bankruptcy Code, 2016 (“IBC”). One of the...

IBC Amendment Ordinance 2018: At Crossroads With RERA

[Garima Mehra and D Sharma are both Advocates] The Insolvency and Bankruptcy Code (Amendment) Ordinance 2018 (the “Ordinance”) was recently promulgated by the President. It incorporates the key recommendations of the Insolvency Law Reform Committee’s (“ILRC”) report published on 3 April 2018 (Report). One of the significant recommendations is the inclusion of homebuyers within the ambit of...

Status of Homebuyers in Corporate Insolvency: Will Ordinance Assure Relief and Returns?

[Swaha Sinha is a 3rd year B.A. LL.B. (Hons.) student at Symbiosis Law School, Pune] The Insolvency and Bankruptcy Code (the Code) has been subject to endless scrutiny and suggested changes, with some being implemented through recent amendments. Most strikingly, the Ministry of Corporate Affairs constituted an expert panel to recommend amendments to this ground-breaking statute, resulting in the...

No Arbitration in Consumer and Real Estate Disputes

[Ajar Rab is a Partner at Rab & Rab Associates LLP, Dehradun] In an earlier post, I had discussed the decision of the National Consumer Disputes Redressal Commission (“NCDRC”) in Aftab Singh v. Emaar MGF Land Limited & Anr, which had held that consumers disputes are not arbitrable under section 2(3) of the Arbitration and Conciliation Act, 1996. The post had referred to the possibility of...

Amendments to the Regulatory Framework for REITs And InvITs: An Analysis

[Jubair Bhati and Anjali Choudhary are 5th year B.B.A., LL.B. (Hons.) students at School of Law, Raffles University, Neemrana (Rajasthan)] The regulatory framework for real estate investment trusts (“REITs”) and infrastructure investment trusts (“InvITs”) was first introduced by the Securities and Exchange Board of India (“SEBI”) in 2014.  However, these structures did not experience a great...

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