Victory for Home buyers
Home buyers will continue to have the RIGHT to approach NCLT individually
*Insolvency & Bankruptcy amendment ordinance
Mimansa Law offices represents– Homebuyers*
Today Hon’ble Supreme Court of India delivered its order inthe Insolvency and bankruptcy ordinance amendment passed on the 27th of December, 2019 which had put a threshold on homebuyers from filing cases individually and made it compulsory to make groups of 100 home buyers or 10 percent of the total allottees from filing applications in NCLT against real estate companies virtually ensuring that no cases could be filed or decided by NCLT effectively
The supreme Court was pleased to issue notice and ordered status quo on all cases till supreme Court decides the challenge, meaning no pending case could be dismissed till the pendency of present batch of writ petitions in court
The NCLT can continue hearing pending cases but new cases can only be filed in the same threshold
Today was only the first hearing, it is imperative that everyone whose application is pending in NCLT or whoever intends on filing their case in NCLT also joins in the supreme Court of India by filing intervention applications so that any order favoring home buyers can also be applicable on all home buyers
Around 200 Home Buyers of 35 different Builder Companies were represented by Krishna Mohan Menon(Advocate on record), Advocate Priyadarshi chaitanyashil and Advocate Gautam Dhamija of Mimansa Law Offices before the Supreme Court of India.
The concerns of home buyers and the arbitrariness of the law was pointed out to the Honorable Judges and the Judges were please to stay part of the said ordinance