Property Buyer Rights

Ans:  1. We have seen that Supertech has become insolvent. The money of 25 thousand home buyers has been meshed. Amrapali Jaypee, etc have become insolvent and went to NCLT.  The buyer should always buy ready to move property. 2. The payment should be in white. Suppose the bank will settle the amount of Rs 400 crores to Rs 200 crores, the home buyer will also not get the complete amount he invested.  3. The home buyer should never opt for subvention scheme of loan. 4 .The land should be completely registered in the name of builder. 5. The project should not have bank funding. 6. If the buyer has not made the registration of flat, the mere possession is not ownership and he will have to claim in NCLT for registration.  8. It is to be checked that installments of government land are timely paid. 9. Generally  the cases of consumer court , NCLT go into moratorium. So, the home buyers must claim at the earliest in NCLT because they have...

Ans: 1. Builder-Buyer agreement showing the amount and due date of possession. 2. Copy of authorisation from home buyers. 3. Details of the builder. 4. Particulars of the applicants( home buyers). 5. Date of an agreement. 6. Actual date of possession as per builder- buyer agreement. 7. Proof that property is still not delivered. 8. Charges for filing application in NCLT is Rs 25,000. 9. Take lawyer's advice. 10. Lawyer can advise on procedural aspects of application for insolvency. 11. When the application is filed for triggering insolvency under section 7 then IRP's name has to be there.  NCLT also then confirms it. Then the resolution professional presides over the company.

Ans: A single buyer can not initiate an insolvency case. It is needed to have 100 home buyers or 10 percent of total home buyers whichever is less. Total amount of default has to be Rs 1 crore or more. If the default is established,  NCLT can initiate insolvency. Application has to be filed in a court of jurisdiction in which builder's company registered office is located. For instance: If the builder's company registered office is in Delhi, the case will be filed in NCLT Delhi.  If the builder's company registered office is in noida, the case will be filed in NCLT, Allahabad.

Ans: IBC 2016 was amended in June 2018 and home buyers were given the status of financial creditors. Till September 2020, about 793 insolvency cases were related to real estate . 398 CIRPs (Corporate insolvency resolution process) have been resolved whereas 395 are pending.