NCLT held that real estate advance to landlords qualifies as “operational debt” under IBC
Seeks $200-300 bn Economic Package from Union Government
The Bombay High Court (HC) on January 15 ordered setting up of a three-member panel to evaluate and sells assets of the embattled Housing Development and Infrastructure (HDIL). The fund thus accumulated would be used to pay off the debt the builder owes crisis-hit PMC Bank.
Following the finance minister’sannouncement ofsetting up a Rs 250 billion fund—in the nature of Category-II Alternative Investment Funds—real-estate developers will be able to complete construction and revive stalled projects, sayARADHANA BHANSALI and MANASI PADWALKAR.
There has been a steady rise in CIRP cases in real estate
The Government recently announced its decision to set up a Rs 250 billion alternative investment fund (AIF) to bring relief for developers and give the sector a boost.
There are cracks appearing everywhere. Even fissures at some spots. The world economy is in dire straits. Even the US economy is showing signs of strain. Europe, China, Middle East have slowed down.
Finance Minister Nirmala Sitharaman announced financial support of Rs 200 billion for about 0.35 million incomplete housing projects (non-NPA and non-NCLT) in the affordable and middle-income segment.
Finance Minister Nirmala Sitharaman announced financial support of Rs 200 billion for approximately 0.35 million incomplete housing projects (non-NPA and non-NCLT) in the affordable and middle income segment.
Together, the Insolvency and Bankruptcy Code and the Real-Estate Act 2016 will bring positive change to the interaction between home buyers and developers.