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Unable to get exit from project under subvention scheme
05-Dec-2023 (In Property Law)
I am unable to get exit from a project Skylark Ithaca even after having an exit (buyback) agreement signed between me and the developer. Skylark Mansions the parent company has been declared bankrupt and is fighting and CIRP process is underway. However Skylark Mansions is fighting a case in NCLAT to stop Mansions from being attached with Ithaca. My agreement paper has the signature of Director of both companies. I am not interested in possession and want to exercise the exit option offered in the buyback agreement where the builder was supposed to clear/discharge the loan liabilities after the end of 3 years. The builder has denied me exit so far. Many people in RERA have got verdict to allow them to leave the project but no recovery has happened so far. ICICI Bank which has the entire property mortgaged has sponsored our loan and they have disbursed 90% of the loan amount without any construction in sight. After we stopped paying EMI's they are sending legal notice.
Hi.
The question had not been clearly mentioned. However the right to exit is a inherent right of a Shareholder, and you can initiate legal proceedings for same as well. As important aspect of shareholders protection is their exit rights. However, it is not easy for the shareholder to dispose of his shares in a private company. Thus this exit clause is often incorporated into Shareholder's agreement to ensure that the shareholders in a company would be able to dispose of their shares and exit from the company. Thus to assure the exit option an agreement had been entered into between you and the developer and the same had been approved by the signature of both the directors. Thus you can take legal actions for the same.
Helpful?
Adv. Ayantika Mondal
Bangalore / Bengaluru | 5+ Answers
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if there is a a bankruptcy proceeding to going on in NCLAT you had an option to join it has a flat buyer. you have not stated whether you have also filed a case for exit in RERA. as you know you could use only one of these options. another thing is is the stage at which the construction of the block in which the flat allotted to you is situated.
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Adv. S.K Prabhakar Shetty
Bangalore / Bengaluru | 1000+ Answers
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