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Does Insolvency and Bankruptcy Code override Real estate Regulator Act
21-Nov-2023 (In Corporate Law)
I wanted to know that Does Insolvency and Bankruptcy Code Overrides Real estate Regulatory act?
Insolvency and Bankruptcy Code (IBC) and Real Estate Regulatory Act (RERA) functions in two completely different fields of law and they coincide only at one point where the buyers of the flats don't have a remedy make good there losses if the company is under insolvency. Since both the statutes are relatively new, this will be very premature stage to determine if either of these overrides each other. In general specific law prevails over general law and since both of these laws are specific laws they function in their own field. Its only when matters like Jaypee comes can we determine how to resolve these points of coincidences between the two statutes.
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Adv. Navodaya Singh Rajpurohit
Delhi | 25+ Answers
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