Builder absocnding, building half way done, 260+ customers stranded
Kumar
(Querist) 05 October 2015
This query is : Resolved
Dear Sirs,
First, I must mention that this is a great platform, I searched only when I havae a problem but I suppose many should know that this is available.
Our Issue.
The Buildr by the name of Green Tree based in Chennai, started a project called Green 201 in 2011-2012, in JV with the land owner, 5 blocks was the initial plan but CMDA approval was given only for 3 and hlaf floor, Full floors were 14, Totally 381 units. Blocks A, B, C and E
He has sold 260+ units.
Tower A is structrally complete, Precast technology. Tiling work upto 4th floor, even doors upto 2nd floor etc. Tower E structure has reached Tower 10.
Internally the Directors had issues and two of the 3 directors resigned but have got certain apartments in this project assigned to them in lieu of payment and settlement. Director who stepped in the middle 2013, has taken over and in 2014 the project came to a stand still.
Land Owenr has received certain amounts and is making further demands.
Builder has no money. has assigned flats to exitting Directors and roped in new director to comply with Company law of min 2 Directors.
Flast have been assigned to other project Landowners as well..
Loans have been taken as well against this project.
Now Land lord has put a stay order through court on any further registerations, 3rd Director who was running the show is in USA now, 2 Directors who exitted run multicrore business,
What is the remedy for the 260 Customers, abt 100 wuith UDS registeration and abt 150 without UDS registeration.
Can we customer take over the project without the liabilities created by the Directors,
Can the Landlord enforce any further claims other than his initially agreement. ( Initiall agreement was for 540 units but Govt approved only 381, based on the land available or whatever reason. 3.81 areces)
Can he claim payment for 540 units while only 381 are cleared by Govt??
Can an asso be formed and construction continued ??
how can we get completion certificate in such case ?
Can you help with answers Please
Anirudh
(Expert) 06 October 2015
Dear Mr. Kumar,
Without seeing the various documents, it will be highly impossible to provide any answer to your query.
In fact all of you must approach a local Senior Advocate and act as per his advice. He again will require all the documents, before giving his views.
Rajendra K Goyal
(Expert) 06 October 2015
Commercial query, approach professional in the field.
Kumar
(Querist) 06 October 2015
Thank you Sirs, for this input, We will come back with details and also approach a Advocate.
K.S.Srinivas
(Expert) 12 October 2015
Consult the Lawyer with all the documents.
