NCDRC Directs Developer To Refund Money To Homebuyer Ruling That They Cannot Be Made To Wait Indefinitely For Possession [Read Judgment]

NCDRC Directs Developer To Refund Money To Homebuyer Ruling That They Cannot Be Made To Wait Indefinitely For Possession [Read Judgment]

The National Consumer Disputes Redressal Commission (NCDRC) on September 6, 2019, in the case of Alok Kumar v. M/S. Golden Peacock Residency Private Limited & Anr. has directed real estate developer to refund Rs 4.12 cr. with interest to the homebuyer for failing to handover the possession of building unit within due time. The direction […]

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Forever 21 Bankruptcy: Retailer Says Reports Are Wrong, Company ‘Not Planning To File For Bankruptcy’

Forever 21 Bankruptcy: Retailer Says Reports Are Wrong, Company ‘Not Planning To File For Bankruptcy’

Forever 21 says a report the retailer is set to file for bankruptcy is “inaccurate” and that it intends to continue operating the “vast majority” of its U.S. stores and a “smaller amount of international stores.” On September 11, 2019, The Wall Street Journal reported, citing people familiar with the matter that Forever 21 is […]

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ED Files Money Laundering Case Against RollsRoyce

ED Files Money Laundering Case Against Rolls-Royce

The Enforcement Directorate (ED) has registered a money laundering case against London-based Rolls-Royce Plc. and its subsidiary Rolls-Royce India Private Limited over alleged payment of over Rs 75 crore as commission to an agent to win contracts from public sector units like Hindustan Aeronautics Limited (HAL), Oil and Natural Gas Corporation (ONGC) and GAIL India […]

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Realtor Unitech Asked To Clear ₹2,734 Crore Dues In 15 Days Or Lose Noida Land

Realtor Unitech Asked To Clear ₹2,734 Crore Dues In 15 Days Or Lose Noida Land

The Noida Authority has asked realtor Unitech Limited, India’s largest real estate builder, to clear its ₹2,743.29 crore dues within 15 days against the land allocated to it for group housing projects or face cancellation of the allotments, officials said on September 4, 2019. Unitech was allocated land for developing group housing societies in Noida’s Sector […]

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In A First, NCLT Initiates Insolvency Proceedings On Homebuyer ' s Plea Against Builder For Defaulting Payment Of Refund [Read Judgment]

In A First, NCLT Initiates Insolvency Proceedings On Homebuyer ‘ s Plea Against Builder For Defaulting Payment Of Refund [Read Judgment]

The National Company Law Tribunal (NCLT) on August 20, 2019, for the first time after the Supreme Court upheld the right of homebuyers to approach the Tribunal as “financial creditors”, has admitted a homebuyer’s application for initiation of Corporate Insolvency Resolution Process in respect of real estate company Umang Realtech Private Limited for defaulting in […]

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