Umang Realtech Pvt Ltd filed an appeal under Section 58 of the Real Estate (Regulation & Development) Act, 2016 (RERA) challenging the order dated 04.03.2024 passed by the Real Estate Appellate Tribunal, which dismissed the appellant's application to offer attachment of a flat in lieu of the pre-deposit mandated under Section 43(5) of RERA. The appellant sought exemption from pre-deposit due to a moratorium granted by the NCLT in CP No. IB-1564(PB)/2018, where Rachna Singh & Anr. vs. Umang Realtech Pvt. Ltd. was admitted under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant argued that insisting on a pre-deposit would contradict the spirit of the NCLT order and that the appeal was filed by the Interim Resolution Professional (IRP),
…Umang Realtech Pvt Ltd, the appellant, filed an appeal against an order dated 04.03.2024 passed by the Real Estate Appellate Tribunal, which dismissed their application to offer a flat as security instead of the mandatory pre-deposit required under Section 43(5) of the Real Estate (Regulation & Development) Act, 2016 (RERA). The appellant argued that a moratorium granted by the National Company Law Tribunal (NCLT) on 20.08.2019, in a case titled Rachna Singh & Anr. vs. Umang Realtech Pvt. Ltd., should exempt them from the pre-deposit requirement. The appellant further contended that the appeal was filed by the Interim Resolution Professional (IRP), not the 'Promoter', making Section 43(5) inapplicable. The respondents argued that the NCLAT had clarified that
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NCLT passed an order granting a moratorium in…
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Umang Realtech Pvt Ltd filed an appeal under Section 58 of the Real Estate (Regulation & Development) Act, 2016 (RERA) challenging the order dated 04.03.2024 passed by the Real Estate Appellate Tribunal, which dismissed the appellant's application to offer attachment of a flat in lieu of the pre-deposit mandated under Section 43(5) of RERA. The appellant sought exemption from pre-deposit due to a moratorium granted by the NCLT in CP No. IB-1564(PB)/2018, where Rachna Singh & Anr. vs. Umang Realtech Pvt. Ltd. was admitted under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant argued that insisting on a pre-deposit would contradict the spirit of the NCLT order and that the appeal was filed by the Interim Resolution Professional (IRP),
…Umang Realtech Pvt Ltd, the appellant, filed an appeal against an order dated 04.03.2024 passed by the Real Estate Appellate Tribunal, which dismissed their application to offer a flat as security instead of the mandatory pre-deposit required under Section 43(5) of the Real Estate (Regulation & Development) Act, 2016 (RERA). The appellant argued that a moratorium granted by the National Company Law Tribunal (NCLT) on 20.08.2019, in a case titled Rachna Singh & Anr. vs. Umang Realtech Pvt. Ltd., should exempt them from the pre-deposit requirement. The appellant further contended that the appeal was filed by the Interim Resolution Professional (IRP), not the 'Promoter', making Section 43(5) inapplicable. The respondents argued that the NCLAT had clarified that
…NCLT passed an order granting a moratorium in…
NCLAT clarified that the NCLT order was limited…