What are the consequences if builder of township declared insolvent

builder become insolvent of my flat in township does bank will occupied the whole project inaspect of his company loan??

Answers (3)

263 votes

If your flat is not registered in your name till now and you haven't got it's possession than along with the bank, you will be placed as a creditor during the liquidation of the assets of the builder, in respect of the purchase money of your flat. For that, keep watch on the insolvency proceedings, appoint a lawyer and make your claim at right time.

Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

344 votes

No. . . . .

Popular Consumer Court Lawyers

Advocate Rajesh Rai
Sector-19, Dwarka, Delhi
20 years Experience
Advocate Sunil Kumar Bakshi
Sector-16, Faridabad
33 years Experience
Advocate J. P. Rinwa
Swej Farm, Sodala, Jaipur
19 years Experience
Advocate Bala Janaki
330 Thambuchetty Street, Chennai
35 years Experience
170 votes

There are judgements of the Supreme Court, which says that the interest of all stakeholders are to be protected. Like Chitra Sharma filed a case against JP Infra for protection of interest of consumers (flat owners). you can also file an objection before NCLT.

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Consumer Court Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or contact a Lawyer of your choice to address your query in detail.

Related Questions

"LawRato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."

Related Articles