How to file a case in NCLT against your defaulting builder?
66.5 هزار بار بازدید -
3 سال پیش
-
Home buyers awaiting the possession
Home buyers awaiting the possession of their homes can now go to NCLT courts against defaulting developers. The Insolvency and Bankruptcy Code (IBC) 2016 seek to find a resolution for defaulting companies.
In June 2018, the government of India promulgated an ordinance to amend the insolvency and bankruptcy code and gave home buyers the status of financial creditors. Since then, there has been a steady increase in insolvency cases. Till September 2020, about 793 insolvency cases were related to real estate. 398 CIRPs have been resolved, while 395 are pending, for which banks and operational creditors are seeking resolution.
Approaching the NCLT court requires proper documentation and fulfilment of formalities. The below information will help you understand the process for filing a case in NCLT court against a defaulting builder.
A single home buyer cannot initiate an insolvency case. The law says you need to have 100 home buyers or a minimum of 10% of total home buyers, whichever is less. If the cumulative and total default amount is INR 1 crore or more for these 100 home buyers or 10%, then the insolvency application can be filled. If the default is established, NCLT can initiate insolvency against such a company.
The application must be filed where the builder’s company is registered. For example, if the company is located in Delhi, the application needs to be filed at the NCLT Delhi office. If it is in Noida, then NCLT Allahabad is the location.
There are a couple of documents required that satisfy the minimum criteria that:
There are 10% or 100 home buyers in number.
The second is proof that the cumulative amount of default is INR 1 crore or more.
The third is the builder-buyer agreement showing the amount and due date of possession.
Copy of authorisation from all the home buyers.
The details of the builder.
Details of the applicants (home buyers).
Details of the flat allotted.
Date of the agreement.
The actual date of possession as per builder- buyer agreement.
How much time has elapsed?
Proof that the property is still not delivered.
Payment receipts.
Charges for filing an application in NCLT is INR 25,000. It’s good to take lawyer’s advice on the procedural aspects of the application for insolvency. The IRP's name must be there when the application is filed for insolvency. NCLT then confirms it, and the resolution professional presides over the company.
For more information
How RERA Benefits Homebuyers in India
https://www.magicbricks.com/blog/how-...
In June 2018, the government of India promulgated an ordinance to amend the insolvency and bankruptcy code and gave home buyers the status of financial creditors. Since then, there has been a steady increase in insolvency cases. Till September 2020, about 793 insolvency cases were related to real estate. 398 CIRPs have been resolved, while 395 are pending, for which banks and operational creditors are seeking resolution.
Approaching the NCLT court requires proper documentation and fulfilment of formalities. The below information will help you understand the process for filing a case in NCLT court against a defaulting builder.
A single home buyer cannot initiate an insolvency case. The law says you need to have 100 home buyers or a minimum of 10% of total home buyers, whichever is less. If the cumulative and total default amount is INR 1 crore or more for these 100 home buyers or 10%, then the insolvency application can be filled. If the default is established, NCLT can initiate insolvency against such a company.
The application must be filed where the builder’s company is registered. For example, if the company is located in Delhi, the application needs to be filed at the NCLT Delhi office. If it is in Noida, then NCLT Allahabad is the location.
There are a couple of documents required that satisfy the minimum criteria that:
There are 10% or 100 home buyers in number.
The second is proof that the cumulative amount of default is INR 1 crore or more.
The third is the builder-buyer agreement showing the amount and due date of possession.
Copy of authorisation from all the home buyers.
The details of the builder.
Details of the applicants (home buyers).
Details of the flat allotted.
Date of the agreement.
The actual date of possession as per builder- buyer agreement.
How much time has elapsed?
Proof that the property is still not delivered.
Payment receipts.
Charges for filing an application in NCLT is INR 25,000. It’s good to take lawyer’s advice on the procedural aspects of the application for insolvency. The IRP's name must be there when the application is filed for insolvency. NCLT then confirms it, and the resolution professional presides over the company.
For more information
How RERA Benefits Homebuyers in India
https://www.magicbricks.com/blog/how-...
3 سال پیش
در تاریخ 1400/04/08 منتشر شده
است.
66,545
بـار بازدید شده