The central government is likely to step in to protect the interest of homebuyers whose investments face uncertainty when bankruptcy proceedings are filed against builders. The government is considering two options. First, amend the bankruptcy law so that homebuyers do not lose out to banks and financial institutions when a defaulting builders properties are liquidated…
NEW DELHI: Union Consumer Affairs Minister Ram Vilas Paswan on Saturday said a committee has been set up to look into the complaints filed by aggrieved home buyers against Jaypee Infratech. “The Consumer Affairs Secretary-headed committee will study the matter and submit a report in three days. We want to protect the home buyers,” Paswan…
New Delhi, Sep 9 (IANS) Union Consumer Affairs Minister Ram Vilas Paswan on Saturday said a committee has been set up to look into the complaints filed by aggrieved home buyers against Jaypee Infratech. The Consumer Affairs Secretary-headed committee will study the matter and submit a report in three days. We want to protect the…
NEW DELHI: Around 2,300 home buyers of Jaypee Infratechs Wish Town project in Noida moved the Supreme Court on Friday, requesting it to ensure the builder deposited the money needed to complete the project with the court or in an escrow account before lifting a stay on insolvency proceedings at the company. They also want…
THIRUVANANTHAPURAM: The Tamil Nadu police initiated a preliminary inquiry against Nirmal Krishna Nidhi Limited at Palukal on the Kerala-Tamil Nadu border area of Kanayakumari district after protests by investors turned violent on Friday. Hundreds of investors, both from Kerala and Tamil Nadu, have been gathering in front of the firm since Thursday. By Friday, the number…
Patrick Anderson Journal Staff Writer patrickanderso_ PROVIDENCE, R.I. — A judge Friday assigned Max Wistow, the lawyer who sued architects of Rhode Island’s 38 Studios deal, to investigate the insolvency of a pension plan for Our Lady of Fatima employees. The St. Joseph Health Services of Rhode Island pension was placed in receivership last…
A significant ruling that a couple have no legal standing to seek a court review of KBC Banks rejection of their personal insolvency arrangement aimed at ensuring they remain in their family home has implications for hundreds of similar cases. David Hall, of the Irish Mortgage Holders Organisation, said the Circuit Court decision on Wednesday…
NEW DELHI: Home finance companies are jittery about the National Company Law Tribunal’s decision to initiate insolvency proceedings against real estate companies like Jaypee Infrastructure and Amrapali’s Silicon City because the insolvency and bankruptcy code (IBC) does not treat home loan financiers as secured lenders. With the implementation of the IBC in regard to a…
Consumers groups have petitioned Prime Minister Narendra Modi for protecting the interest of home buyers after insolvency proceedings were initiated against Jaypee Infratech cast an uncertainty over the fate of some 30,000 people, who have invested in flats belonging to the realty major. Fight for RERA, an umbrella group of some 100 homebuyers association and…
Photo: McGregor.com The parent company of fashion chains McGregor, Gaastra and Adam Menswear was declared bankrupt on Thursday, just days after requesting court protection from creditors. The Doniger Fashion Group was formed last year when the McGregor group first collapsed. Doniger has 75 shops, of which 53 are in the Netherlands, and a workforce of…