Sen (Business) 17 March 2020

Help with nclt

Hello,

I am a senior citizen and am buying a property (signed agreement in April, 2019) from a builder company (pvt. ltd) for which I have already paid 80% of the total amount. In February 2020, I have come to know through a mail from IRP that the builder is taken to NCLT by a bank for not paying their dues for a long time..

Please help me with your advices about what is the future of my money paid and/or getting the property.

Kindly reply at the earliest.

Best regards

Reply Follow

5 Replies

Akshay (Advocate) 18 March 2020

Thank you for your question

As a Prudent person have you follow these steps:-

1.Find whether the transferor or seller is competent to do that or not

2. The property need to be identify.

3.Is there any one in the possession or not ,

4. Any case is running against the property or not

5.Is the property disputed one?

If you have taken the measures and afterwards it happend , then let us know.

Hope this will help you

Best regards,

Akshay Gupta

Sen (Business) 18 March 2020

Thank you Mr. Akshay for your kind reply.

1.Find whether the transferor or seller is competent to do that or not
2. The property need to be identify.
3.Is there any one in the possession or not ,

The property is identified. It's a small bunglow in a gated community consisting small number of houses. Out of that 3-4 homes have been sold already. and people staying there. Ours is under construction and nobody is in the possession as of now.

4. Any case is running against the property or not
5.Is the property disputed one?

Currently the NCLT case is running against the company. No other case is running as far as I know. Banks have given loan to some of the properties recently, which seems that they have already done the background check.

My specific questions about NCLT case are (In both the sceneraios, (a) if the bank takes over the company, or (b) the company appears before the court and pays back the bank):

1. Shall I get back the entire money that I have paid
2. Shall I get the property by paying the balance 20% money

Please help...

Best regards...

Raj Kumar Makkad (Adv P & H High Court Chandigarh) 19 March 2020

No definite reply of both of your queries can be offered because the details of the case pending before NCLT is not known. It shall be better to become intervener in the said case so that your rights may be duly safeguarded there and you may defend yourself in the pending litigation.

Sen (Business) 19 March 2020

Dear Mr. Makkad,

Thanks a lot for your reply and suggestion.

I have been asked to submit Claim Form "CA" by the RP.

What is the procedure to become an Intervener? If I need to submit additional form, what is the name of that form?

Also, can I not claim the property instead of money?

Thanks again and best regards

Sen (Business) 20 March 2020

Mr Hope...You could use other machineries to promote your website instead of playing with the emotions of people who are already in trouble. May God give you good senses. Best...