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Cheated by builder || Recovery by bank


25-Aug-2023 (In Recovery Law)
A home loan was taken in 2014 to book flat by me. The flat got disputed as the builder have sold the same flat thrice, now the builder has declared insolvent by NCLT. Where as we are declared as unsecured financial creditors in the same. Now I am receiving notice from financial institution for wilful default and further action. Please guide how we should go ahead..
Answers (2)

Answer #1
688 votes
Dear Client in that situation I would like to see first your NCLT order where you are unsecured creditors so for more clarification you may contact us then I'll elaborate properly about your case Advocate Anurag Bhatt Allahabad High Court.
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Advocate Anurag Bhatt

Adv. Anurag Bhatt

LawRato Allahabad | 700+ Answers
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Answer #2
589 votes
As soon as a company declared insolvent and resolution professional takes charge, personal responsibility of the company comes to an end, your bank from where you have availed financial facility is supposed to be aware of this circumstances as they were surely been informed if not you please in form the bank regarding insolvency of the company. If the bank gives you relaxation so far so good, otherwise you may take legal action.
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Advocate Alok Dubey

Adv. Alok Dubey

LawRatoAllahabad | 25+ Answers
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