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

Understanding immunity: How to boost it during Covid-19

In a first, the Department of Home Science, Sri Padmavati Mahila Visvavidayalam (Women’s University) Tirupati, Andhra Pradesh, recently organized an international webinar on “Nutrition and Immune System Support during COVID-19 Pandemic”. Speakers included eminent national and internationa

Covid-19: India’s recovery rate improves to 59.43%

Even as Unlock enters the second phase, the number of Covid-19 infections continues to rise to record levels and India remains No 4 in the worldwide list, yet there is glimmer of hope: its recovery rate is also rising in tandem. There are 1,27,864 recovered cases more than the active Covid-1

Coming soon at a station near you: private trains!

A long-debated idea is finally coming to fruition as the Indian railways has decided to join hands with the private sector, in running some train services to begin with. The ministry of railways has invited ‘request for qualifications’ (RFQ) for private participation for operatio

A place of local democracy in pandemic governance: The case of Mumbai

Democracy in India is now taken for a fact, with an unstated assumption that all our institutions are democratic and hence often our successes and more often failures are attributed to ‘democracy’. However, a key frontier where democracy remains a challenge is that of local governments and that

Why TikTok, other apps were banned: “Engaged in anti-India activities”

India, facing China’s aggressiveness at border, has banned 59 smartphone apps, including TikTok, as they were indulging in activities harmful to India’s sovereignty and integrity. The reason cited was: “in view of information available they are engaged in activities which [

Gaganyaan mission not affected by pandemic

The launch of India’s first human space mission, ‘Gaganyaan’, will not be affected by Covid-19 and preparations are going on in the right direction even amid the pandemic. This was disclosed by minister of state (independent charge) development of north eastern region (DoNE



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter