Bank occupies flats financed to buyers due to builder being bankrupt

hello i have a flat in a building project and we are 300 buyers and our project owner builder have loan on tht project and that project is financed to customers through sbi icici bank and our builder become bankrupt does bank have rights to occupied the flats of tht project which is financed to customers???

Answers (4)

297 votes

Bank can cease the property of Builder but not the individual buyer's. . . . . . .

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61 votes

Dear friend the answer of your question is yes bank have a right to occupied the project but I have a solution for you if you all buyers who take loan on their flats can talk to bank that "if they can appoint another builder and give him a responsibility to complete the project and once project is complete bank will sell out all the falt and give him some amount to that builder so your problem will solve cause bank motive is to recover his money .after all if the project is close bank also have bear the loss. Second thing you all can go to consumer court for recover your amount but if your current builder is really bankrupt how can you get your money from them. First you all have to search weather he is really bankrupt or not.

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181 votes

Hello it depends on the agreement done between you all plot flat holders and between the builders you can file a complaint at consumer forum or civil court or in rera. For further enquiry just call US

143 votes

Yes bank can occupied the flats of the project which is financed to customers, such type funding should be done on written permission to mortgage from sbi icici bank. Although you may complaint before consumer court or another court/s, criminal & civil.

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