Vandana Ramnani
Moneycontrol News
With the Real Estate (Regulation and Development) Act 2016 (RERA) tightening the noose around the developer community, some of them may have found liquidation proceedings or the bankruptcy law as an avenue to escape the ambit of the state regulator, say legal experts.
Insolvency cases are likely to go up going forward, they say, adding through this method builders will be able to transfer the losses to property owners.
The Allahabad bench of the National Company Law Tribunal on Wednesday declared Jaypee Infratech as an insolvent company. There are reports that more developers may be declared insolvent. After Amrapali, other developers such as Earth, Era and Gardenia have expressed their inab…
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