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How can I escape upon the liability imposed on me by the builder ?
06-May-2023 (In Recovery Law)
Hi, I have purchased a flat in greater noida 3 years back and took loan from a nationalised bank. Now the builder is in jail for dual funding of flats and there is no construction work going on. And I am unable to pay the EMI of loan that I took. I stopped EMI from last few months now bank lawyer has sent me a lawyer notice. The matter of builder is in court. I want to know how I can come out of this mess ?
You'll have to prefer a consumer complaint against the concerned builder seeking a full refund of your deposit, including the loan amount. Once you get a refund, you'll have to settle your loan account with the bank. There's a possibility that the bank may initiate recovery proceedings against you, in such a event, you'll have to take recourse to obtain a stay on the said proceedings untill your refund is processed by the builder.
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You would have definitely entered into an agreement with your builder with regard to the apartment that you have purchased from him. Now that the construction work has stopped and the builder is in jail, you can ask the office of the concerned builder to cancel your agreement and refund your amount already invested. You can also share the complete documentation with me for a proper advice and action thereupon.
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Adv. Nitin Chopra
Allahabad | 200+ Answers
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