Possession Delay - NCLT

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Overview

If the real estate company is in poor financial condition and is unable to continue or finish the concerned real estate project, home-buyers can initiate insolvency proceedings in the National Company Law Tribunal.

Before initiating insolvency proceedings, sending a legal notice to the builder serves as a final warning. In case a settlement is still not reached, you should then file the application for initiating insolvency process.

Steps involved in Insolvency proceedings against the real estate company

DOCUMENT VERIFICATION

You will be required to share scanned copies of documents related to the property for verification by a lawyer

COMPLAINT DRAFTING

The application will be drafted and shared with you for your review and approval within 7 days of receiving the documents

FILING OF COMPLAINT

The application will be filed before the NCLT within 3 working days of approval of the draft

ADMISSION HEARING

The lawyer will make preliminary arguments before NCLT and get the Application admitted

APPOINTMENT OF RESOLUTION PROFESSIONAL (RP)

NCLT will confirm a Resolution Professional to oversee the process

CORPORATE INSOLVENCY RESOLUTION PROCESS

The resolution process comprises of various stages: 1) Publication of notice 2) Processing of claim 3) Information Memorandum 4) Meeting of Committee of Creditors (COC) 5) Call for resolution plan

ACCEPTANCE/REJECTION OF RESOLUTION PLAN

After receiving the resolution plan, the RP will conduct a meeting of COC for voting. If 66% of voting is done in favour of a resolution plan, then it will be adopted by COC

LIQUIDATION

In case where a resolution plan is not accepted, COC will opt for liquidation of such real estate company

Required Documents

  • Application for buying of property in the Project
  • Builder-Buyer Agreement
  • Receipts of payments made to the Builder
  • Letters/ email correspondences between the Buyer and the Builder
  • Brochure of the Project
  • Letter of Allotment

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Payment Structure

  • You are required to pay 60% of the case fee to start the work
  • 40% is payable upon settlement or final order

Ayush Sharma
Bengaluru, India
I recently booked a 3 BHK apartment at Sunrise Villas. Possession was due on 11th July, 2019. But one week before the due date, I had contacted the builder only to get vague responses. My friend told me about MyAdvo and I booked an appointment. Mr. Shubham helped me get in touch with a lawyer to draft a legal notice and that got the builders attention!

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