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Gurgaon: relief In 3 Mths For Buyers Of 9 Stuck Affordable Hsg Projects, ET RealEstate

Gurgaon: DTCP director general TL Satyaprakash said he has given directions to officials in the city to take steps to resolve the issues of homebuyers who purchased flats at projects linked to developers Mahira Homes, Ocean Seven Buildtech (OSB) and Orris Infrastructure.

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Supreme Court: Buyers Seek Handover Of Flats, Co Says Waiting For Sc Order On Plea, ET RealEstate

However, the developer — Orris Infrastructure — said some of the homebuyers have approached the Supreme Court in the matter and it is pending consideration.

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Insolvency & Bankruptcy Code cannot be used as a tool for recovery: NCLT, ET RealEstate

The Principal Bench of the National Company Law Tribunal (NCLT) was hearing the plea for initiating insolvency against Orris Infrastructure over an alleged default of Rs 3.60 lakh.

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Insolvency & Bankruptcy Code cannot be used as a tool for recovery, says NCLT

Insolvency & Bankruptcy Code cannot be used as a tool for recovery, says NCLT
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insolvency: Insolvency & Bankruptcy Code cannot be used as a tool for recovery; says NCLT

The National Company Law Tribunal (NCLT) in India has dismissed a plea to initiate insolvency against Orris Infrastructure, stating that the Insolvency & Bankruptcy Code (IBC) cannot be used as a "tool for recovery". The NCLT observed that the applicants had already received full payment from Orris Infrastructure in excess of the default amount. The applicants had signed an agreement with the realty firm, which included monthly assured returns. The construction was completed in 2013, and the occupation certificate was received in 2017, ending the period for paying assured returns in 2020.

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