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builder of flat became insolvant


I purchased a flat 2 years ago in kolkata n got it registered n also took possession of the same. But the builder did not get completion certificate and so my flat mutation was not done. Actually the building comprised of 2 blocks out of which my block is completed and d construction of the other block is incomplete. The builder has also not constructed d common aminities like swimming pool gym transformer etc till date although we have paid money for that . recently, we got a notice from the INSOLVENCY RESOLUTION PROFESSIONAL that the builder has become insolvant n we also learnt that he has sold out the incomplete block to another promoter. Now my questions are- 1) Can we claim the money paid by us for construction of common aminities like swimming pool gym transformer etc from the builder? If so, what is the procedure? 2) how do we get the completion certificate of the flat so that we may apply for mutation? 3) as the property is not mutated in our name till date, will it have any impact on our title? Will we get impacted by the insolvency proceeding filed against the builder? 4) what is the legal remedy available to us ? Kindly advice me . I shall be highly obliged.
 
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Advocate

1. Proceeding under Insolvency Code is not meant for recovery. You can raise the demand and if demand is not fulfilled and your demanded amount is more than one lakh then you can initiate procedding under insolvency code. 

2. Check from authority and if rule permits you can get the completition certificate in respect of your particular building. 

3. Till mutation is not complete the property shall reflect in record as builder property. Yes, it will impact your title over the flat so you have to go strategically. 

4. Pl refer point 1 of reply. 

 

 
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Hello. 

Your query has been resolved by Adv. Anish Gupta in the query resolution session on LCI talk. He specializes in the field of insolvency and bankruptcy laws and hopes that he helped you out.

You can watch the video for the Live Query Resolution Session here: https://www.youtube.com/watch?v=BjiP4v_rCaE

 
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