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)

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.

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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.

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