Dear Hemant Sir,
Thanks for your reply.
Are you saying whether the flat is registered or not, do we need to file a FIR?
Yesterday our builder sent a below mail to all the buyers. In that they mentioned FEW units of project has been mortgaged to xxx
But actually out of 304 units 180 units were in the list of mortage.
Greetings from CPIPL,
We completely understand your concerns but as most of you are aware that, over the last two years, the Real estate market has taken the biggest hit / downturn overall due to various reasons like GST, NGT and RERA implementation, etc., due to which, there has been a major setback on sales and collection performance in the company, which has drastically affected our projected cash flows as well as severely impacted on working capital crisis.
As a result, we have encountered many challenges on overall revenues of the company. Due to low sales & collections over the last many months, the company has not been able to make timely payments to Banks/FI’s as committed, which has apparently led our Loan account become NPA.
In the interest of the project and the customers, CPIPL Management is constantly discussing with xxx and trying to resolve the issue amicably between both of us. CPIPL has also given comfort to xxx by giving additional securities, which is valued very much higher than the loan amount.
During the course of discussion, the xxx has initiated legal action and affixed notices at commune site, though it is very clear that only FEW units of project has been mortgaged to xxx. CPIPL has stopped the registrations for the time being till the matter gets resolved with xxx.
Please be rest assured, that in the interest of the project and its customers, CPIPL is trying hard ad putting its time and efforts to resolve the matter amicably in win-win situation and till then, we request all our customers to kindly bear with us for some time and not to get panic in this given situation.
Parallelly, we have strongly objected on xxx as to how they have affix the notice at Commune site and also denied the stand of holding the registration of units when the units that are not mortgaged to them.
Once again we request all customers to support us and not to get panic or restless, as we are in the process of resolving the matter with xxx which might take some time. Kindly bear with us.