Category Part / Full Time

Reg. No. MUIT/20-21/2142

SIX-MONTHLY PROGRESS REPORT

Period ending June 30/December 31, 2023

1. Particulars of Research Scholar

●
Name and Registration No: Shailendra K Nirmal (MUIT/20-21/2142)

●
E-mail ID & Contact Phone Number : [email protected]

●
Designation (where applicable) * :

●
Organization where employed* : Law Professional

2. Registration Details

(a) Category of registration : Part Time

(b) Date of provisional registration : 18. June.2021

(c) Whether provisional registration confirmed? Yes

If yes, give reference No. and Date : MUIT/Ph.D./20-21/408 Dt. 18.06.2021

3. Name of the Department where the Research work is conducted: Law

4. Particulars of the Supervisor / Joint Supervisor(s):

Name & Designation Address of the Institution

Supervisor
Sri K B Asthana Maharishi University of Information & Technology

Noida Campus, Sector 110, Noida

Co-Supervisor
Dr. Anil Sain Delhi University, Delhi

5. Tentative title of the Research work: Impact of “Real Estate Regulatory Authority” with passing reference to “Insolvency and Bankruptcy Code -

2016”: An Analytical Study

6. Details of research progress:

Particulars Yes/ No Details

1
 Progress report enclosed Yes

Course work completed Yes

Seminar presentation (If yes,

provide the details of presentation)

Attended seminar/conference/

workshop

Papers published in referred journals

(If yes, provide the details of yes,

papers published)

7. Details of Fee Payment (current semester/year): Enclosed

(Copy of receipt should be enclosed)

8. Any difficulty faced during this period : No

Place: Noida

Signature of the Research Scholar

(SHAILENDRA KUMAR NIRMAL)

REMARKS OF THE SUPERVISOR

i Work Progress Satisfactory / Not Satisfactory

ii Expected time of completion

Signature of the Supervisor Signature of the Co-Supervisor

(Name with Seal) (Name with Seal)

* Applicable for research scholars working in Educational Institutes and Recognized R & D Centers

For office Use

REMARKS OF THE DEAN RESEARCH

i Attendance Satisfactory / Not Satisfactory

2
 ii Any other Remarks (please specify)

SIGNATURE OF THE DEAN RESEARCH

(Name with Seal)

Format for submission of Six-Monthly Report

1. Name of Scholar: Shailendra Kumar Nirmal

2. Duration of Work: As per Schedule

3. Proposed Title of Thesis: - Impact of “Real Estate Regulatory Authority” with passing reference to “Insolvency and Bankruptcy Code -2016”: An

Analytical Study

4. Proposed Objectives:

5. Summary of Work Done during the period from Jan 2023 to June 2023. (In 500 words)

The analysis and relevancy of the RERA with the IBC and Companies Law has been examined and the same is ongoing with the settled law of the land.

The role of NCLT and High Court in regard to the RERA is currently researched upon.

The analysis is as follows:

● IBC Amendment proposed to IB Code- 2016

● IBC Amendment proposed to IB Code- 2017

● IBC Amendment proposed to IB Code- 2019

● IBC Amendment proposed to IB Code- 2022

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The amendments vide Insolvency and Bankruptcy Code (Amendment) Bill 2022 to the Insolvency and Bankruptcy Code (IBC), which came into force in

2016 for timely resolution of stressed assets, are expected to be introduced in the Budget session of Parliament early next year. The central government is

considering reforms to the Insolvency and Bankruptcy Code (IBC) in order to adhere to time-bound resolution of the companies.

● Companies (Management and Administration) Amendment Rules, 2022

● Companies (Incorporation) Amendment Rules, 2022

● Companies (Prospects and Allotment of Securities) Rules 2022

● Companies (Compromise, Arrangement and Amalgamation) Rules 2022

Format for submission of Six-Monthly Report

1. Name of Scholar: Shailendra Kumar Nirmal

2. Duration of Work: as per schedule

3. Proposed Title of Thesis: - Impact of “Real Estate Regulatory Authority” with passing reference to “Insolvency and Bankruptcy Code -2016”: An

Analytical Study

4. Proposed Objectives:

5. Summary of Work Done during the period from July 2023 to December 2023. (In 500 words)

● The Case Analysis of various Judgement has been undertaken by the Research Scholar with focus on the interplay between RERA and IBC as

well highlighting the Consumer Perspective.

In the Judgement of the Amrapali Case Decision the findings have been examined.

The Supreme Court came to the conclusion that the banks and the Authorities had not acted in good faith and had been negligent in their function and the

matter included issues of larger public interest. In the opinion of the Supreme Court, the banks and the Authorities had acted against the doctrine of ‘Public

Interest’, as both were public institutions and were supposed to protect the trust of the public. The court observed that the Authorities and the banks had

failed to discharge their duties. It further observed that the real estate business mainly survived on the money invested by the buyers, for the purchase of

their houses. Hence, they had the right to obtain their houses.

Likewise other important Supreme Court Decisions have also been researched upon for their relation and relevancy.