An insolvency case against a developer has saved him from the wrath of Maharashtra Real Estate Regulatory authority.
An insolvency case against a developer has saved him from the wrath of Maharashtra Real Estate Regulatory authority. A home buyer had complained that possession of his flat was delayed by the developer, however, the developer got respite because an order against him of insolvency which has imposes a moratorium against institution or continuation of any suits against the developer till the insolvency resolution process is complete. Though the authority admitted that the home buyer was entitled for reliefs but cannot be granted at this juncture.
Satish Shetty a home buyer approached MahaRERA stating that he entered into a registered agreement for sale in October 2018 to purchase an apartment from developer named Guruashish Construction Private Limited in their project Meadows situated in Goregaon.
Shetty alleged that the developer has failed to handover the apartment within the stipulated time of October 2015 and hence he be refunded the entire amount paid by him along with interest and compensation as he does not want to continue in the project.
The representatives of the developer submitted that by virtue of an order dated July 24, 2017 passed by the National Company Law Board Tribunal, Mumbai bench, the developer is under an insolvency resolution process and that an insolvency resolution professional has already been appointed by the said order. Thereby they submitted that the present complaint cannot be proceeded with until the said insolvency resolution process is completed. Further the developers representative submitted that the order pursuant to section 14 (1) (a) of the Insolvency and Bankruptcy Code, 2016, NCLT has already imposed a moratorium against institution or continuation of any suits or proceedings against the developer till the insolvency resolution process is completed, therefore, the present complaint be suspended.
Gautam Chaterjee, Chairman, MahaRERA, held that, "In view of the above, though the complainant is entitled for certain reliefs under the provisions of the Real Estate (Regulation and Development) Act 2016, the said relief cannot be granted at this juncture. The present complaint is therefore disposed of with liberty to the complainant to file fresh complaint after finalisation of the said insolvency resolution process."
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 "Insolvency case saves developer from Maharashtra Real Estate Regulatory authority")
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