#RealtyNewsRoundUp: NCLT Starts Insolvency Proceedings Against Amrapali Infrastructure
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According to a media report, the National Company Law Tribunal (NCLT) has admitted an insolvency plea against Amrapali Infrastructure filed by Bank of Baroda. The NCLT will now appoint an insolvency resolution professional for the case, who will get 270 days to turn around the company. In the worst-case scenario, the assets of the company will be liquidated.
***The Centre has started the process of setting up of the Central Advisory Council for better implementation of the real estate regulation law. The panel will advise the government on matters concerning the implementation of the Act, and protection of buyers.
***Acting on three complaints against a leading Pune-based developer, the Maharashtra Real Estate Regulatory Authority (MahaRera) has ordered the developer to pay a monthly rent of Rs 15,000 each to owners of 3-BHK flats if the company does not complete one of the two 18-storey towers by March 2018.
***Motilal Oswal Real Estate, the real estate arm of Motilal Oswal Private Equity, has raised over Rs 1,000 crore for its third real estate fund. It plans to invest the money in structured debt and mezzanine transactions across six top Indian cities.
Source: Media reports