India: Real Estate

Behind Khan Market’s busy cafés and restaurants lies a less visible problem: many of the market’s older buildings were never designed to meet modern fire-safety standards. Several restaurants operate from the first and second floors, which are reached through narrow staircases and, in some cases, only one practical entry and exit route. This structural limitation became a legal issue when the New Delhi Municipal Council (“NDMC”) linked the renewal of restaurant permissions to obtaining a fire no-objection certificate (“Fire NOC”).

The intersection of structured finance and insolvency law continues to generate significant judicial discourse, particularly on the question of when a financial creditor ceases to be a mere lender and becomes a related party of the corporate debtor. A recent ruling by the National Company Law Tribunal, New Delhi Bench, in Rishi Gupta and Anr. v. IDBI Trusteeship Services Ltd. and Ors. offers important clarity on this issue.

The Bombay High Court recently delivered a significant judgment in Flagship Infrastructure Limited addressing the applicability of Maharashtra Ownership of Flats Act (MOFA) provisions to deemed conveyance proceedings in township projects. This ruling examines whether traditional flat ownership regulations extend to large-scale residential developments and what implications this holds for property rights in integrated townships.