WebinarsNew
Deep DiveNew
Explore Business Standard
The Supreme Court has said that a homebuyer can seek adjudication of his claim for compensation for the delay in delivery of the flat even after getting its possession. The apex court set aside a 2016 order of the National Consumer Disputes Redressal Commission (NCDRC), which said that the appellant was not a consumer at the time of filing his complaint alleging a deficiency in service on account of the delay in handing over the possession of the flat, since he had already taken its possession without protest. A bench of Justices Vikram Nath and V Mohana passed the order on a plea by a homebuyer, who became a member of a cooperative group housing society in Delhi in January 2003 and was allotted a flat, challenging the NCDRC's order. The top court observed that a claim for compensation for delayed possession necessarily arises from the period prior to the actual delivery of possession. "The subsequent receipt of possession cannot, by itself, extinguish the right of the allottee to
The Enforcement Directorate on Saturday conducted fresh searches against real estate company Raheja Developers as part of a money laundering investigation linked to alleged fraud with home buyers. They said about seven premises in Delhi-NCR are being covered as part of the action. The searches are being conducted in the matter of alleged fraud with the home buyers and non delivery of flats in its project Raheja Revanta, as per the officials. The agency had raided the company in June 2025 as part of this probe.
The Supreme Court on Thursday ruled that homebuyers' societies or Resident Welfare Associations (RWAs) ordinarily constituted for maintenance and management of common facilities in a housing project cannot intervene in the insolvency proceedings of the developer company. A bench of justices JB Pardiwala and R Mahdevan, which upheld the insolvency proceedings related to Takshashila Heights India Private Ltd under the Insolvency and Bankruptcy Code of 2016, said if creditors elect to invoke the provisions of the code, they must do so with a genuine willingness to pursue revival of the corporate debtor. It said, "Should revival not be their objective, the Code cannot be converted into a tool for expedient recovery; alternative statutory remedies, including under SARFAESI or other applicable laws, remain available in accordance with law." The bench upheld the rejection of intervention application by National Company Law Appellate Tribunal (NCLAT) of Elegna Co-operative Housing and ...
Assets of bankrupt companies and their promoters attached by the ED, under the anti-money laundering law, will now be restored to the affected parties, such as banks or home buyers, following the finalisation of a new standard operating procedure, the federal probe agency said on Wednesday. The Insolvency and Bankruptcy Board of India (IBBI) issued a circular in this context on November 4, following "multiple rounds" of coordination meetings between its officials and the investigators of the Enforcement Directorate (ED). As a result of this coordinated approach, the agency said in a statement, a "standard undertaking" will be filed by Insolvency Professionals (IPs) before the special PMLA court to release the assets from ED's attachment and offer them for restitution or restoration to the creditors. Currently, in several insolvency cases, the assets of the corporate debtor were under PMLA attachment, which "restricted" their use in the resolution process. To address this issue, th