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

Making sense of the ‘crisis of political representation’

Imprints of the Populist Time By Ranabir Samaddar Orient BlackSwan, 352 pages, Rs. 1105 The crisis of liberal democracy in the neoliberal world—marked by massive l

Budget: Highlights

Union minister of finance and corporate affairs Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament on Wednesday. The highlights of the Budget are as follows: PART A     Per capita income has more than doubled to Rs 1.97 lakh in around

Budget presents vision for Amrit Kaal: A blueprint for empowered, inclusive economy

Union Budget 2023-24, presented by finance minister Nirmala Sitharaman in the Parliament on Wednesday, outlined the vision of Amrit Kaal which shall reflect an empowered and inclusive economy.  “We envision a prosperous and inclusive India, in which the fruits of development reach all regions an

Soumya Swaminathan to head M S Swaminathan Research Foundation

Former World Health Organisation (WHO) chief scientist Soumya Swaminathan takes charge as chairperson of M S Swaminathan Research Foundation (MSSRF) from February 1.   Founded by her father, the legendary agricultural scientist M S Swaminathan, MSSRF was set up to accelerate the use of m

m-Governance: Key to Digital India

The digital revolution is being led by India. Digital governance is a key component of the government's ambition to transform India into a society where everyone has access to the internet. It includes both M-governance and E-governance, which are major methods for the delivery of services via mobile devic

A sacred offering of the beauty of ‘Saundarya Lahari’ – in English

Saundarya Lahari: Wave of Beauty Translated from the Sanskrit by Mani Rao HarperCollins, 218 pages, Rs 399 ‘Saundarya Lahari’, usually ascribed to Adi Shankaracharya, has a unique status among the religious-spiritual works of Hinduism.

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter