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IBC will override RERA if time line for completion of project as per contract not followed

August 29, 2019[2019] 108 taxmann.com 517 (NCLT - New Delhi)
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IBC : Merely because builder has been provided a different time-line for completion of project to RERA would not cut any ice because IBC overrides RERA and secondly financial creditor is not a party to any such transaction and, therefore, time provided in contract for completion of project is to be followed. There is no question of a conflict between two enactments and both will have an overriding effect in fields exclusively assigned to them. Moreover, RERA was notified on 1-5-2016 and IBC was notified later on different dates commencing from 5-8-2016. The provisions of section 238 were enforced with effect from 1-12-2016. It is well settled that later statues would override earlier one on account of its overriding provisions as law maker are supposed to have knowledge of all existing laws

• Where corporate debtor-real estate developer was required to deliver possession of respective units latest by year 2016-17 but despite having received almost 90 per cent of purchase value of flats, corporate debtor had till date neither handed over possession of said unit nor had refunded amount paid by financial creditors-home buyers, period of default had commenced latest by year 2016-17 for applicants and was still subsisting and, therefore, application filed under section 7 by applicant financial creditor had to be admitted.

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