Homebuyers have filed 1,821 cases against builders

Govt is taking all steps to strengthen the NCLT: Anurag Thakur

GN Bureau | November 19, 2019


#ministry of corporate affairs   #home buyers   #economy   #real estate   #Housing   #Insolvency and Bankruptcy Code   #CLT  
(Photo for representation purpose only)
(Photo for representation purpose only)

Amid oversupply, slackening demand and financial troubles, many builders have not been able to deliver homes to buyers, leaving the latter in the lurch. The buyers in turn have taken recourse to filing cases against builders: a total of 1,821 cases under the Insolvency and Bankruptcy Code (IBC) 2016 were pending in the National Company Law Tribunal (NCLT) at the end of September.

Data regarding cases filed against builders for defaults of less than a month is not available with NCLT, said Anurag Singh Thakur, minister of state for finance & corporate affairs, in a written reply to a question in Lok sabha on Monday.

He said the matter of the status of homebuyers as financial creditors or modification of the definition of default in these cases in order to reduce the number of insolvency cases filed against builders in the NCLTs for small defaults is under consideration of the ministry of corporate affairs.

The government is taking all steps to strengthen the NCLT in terms of number of benches, number of courts and number of members, to reduce the burden of the NCLT.

Five new benches have been announced during 2018-19 at Jaipur, Cuttack, Kochi, Indore and Amaravati. The government has also appointed 28 more members in NCLT recently and vacant posts of members in NCLT are being filed up regularly. For capacity building of members, regular colloquiums are being held. The e-Court project is also being implemented by NIC for all the benches of NCLT.
 

Comments

 

Other News

Before India voted, the framers worried about the referee

“We are making a Constitution forever and not only for today.” Shibban Lal Saksena said this in the Constituent Assembly on June 15, 1949. He was warning that a ruling party might one day choose a loyalist to run India’s elections. Seventy-seven years later, the Supreme Court is wrestli

Delhi moves to real-time traffic management

The Cabinet Committee on Economic Affairs (CCEA), chaired by prime minister Narendra Modi, has approved implementation of the ITMS Project by Delhi Police at an estimated cost of Rs.1,789.52 crore, inclusive of taxes. The project will cover 42 identified traffic corridors and will be implemented in three

MDR on UPI: Can sustainability come without weakening the network?

The extraordinary transaction volumes and value (₹29.82 Lakh crore in August 2026 alone) of the Unified Payments Interface (UPI) have made it not only an Indian success story, but a global one. In 2024, UPI accounted for nearly 49% of the world’s real-time payment transaction volume, with more th

The Xi-Trump summit: The unending rivalry

Diplomacy is akin to an art, wherein the summitry, conflict resolution and negotiations form apt constituents of the entire context of deal making and “playing for keeps” in the international arena. The Xi-Trump summit in Washington last week, in which the American president broke all conside

“Indians, yet treated like outsiders”

Moving to Delhi-NCR for education can be an exciting experience for students from Northeast India. It gives us a chance to meet new people, experience a different culture and become more independent. But living away from home also comes with challenges that people who have not experienced them may not al

Import duty on major edible oils cut

The government has reduced the Basic Customs Duty (BCD) on major imported crude edible oils with a view to moderating domestic edible oil prices, providing relief to consumers and mitigating inflationary pressures arising from the sharp increase in international edible oil prices.  

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter