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Property Possession Delay Complaint in NCLT

Overview

If the real estate company is in poor financial condition and is unable to continue or finish the concerned real estate project, home-buyers can initiate insolvency proceedings in the National Company Law Tribunal. MyAdvo will facilitate the entire process through an expert lawyer and will provide timely updates to you.

 

Before initiating insolvency proceedings, sending a legal notice to the builder serves as a final warning. In case the dispute is still not resolved, you should then file the application for initiating insolvency process. To send a legal notice, click here.

Steps involved in Insolvency proceedings against the real estate company

Document Verification
You will be required to send scanned copies of documents pertaining to the real estate property for verification by a lawyer.
Complaint Drafting
The application will be drafted and shared with you for review and approval within 7 days of receiving the documents.
Filing of Complaint
The application will be filed before the NCLT within 3 working days of approval of the draft.
Admission Hearing
The lawyer will make preliminary arguments before NCLT and get the Application admitted.
Appointment of Resolution Professional (RP)
NCLT will confirm a Resolution Professional to oversee the process.
Corporate Insolvency Resolution Process

The resolution process comprises of various stages: 1) Publication of notice; 2) Processing of claim; 3) Information Memorandum; 4) Meeting of Committee of Creditors (COC); 5) Call for resolution plan

Acceptance/Rejection of Resolution Plan
After receiving the resolution plan, the RP will conduct a meeting of COC for voting. If 66% of voting is done in favour of a resolution plan then it will be adopted by COC.
Liquidation
In case where a resolution plan is not accepted, COC will opt for liquidation of such real estate company.

Required Documents

  • Application for buying of property in the Project
  • Builder-Buyer Agreement
  • Receipts of payments made to the Builder
  • Letters/ email correspondences between the Buyer and the Builder
  • Brochure of the Project
  • Letter of Allotment
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Why MyAdvo?

Pool of expert property lawyers who have experience in dealing with insolvency and bankruptcy matters
Step-by-step update through the case lifecycle
A-Z guarantee which covers cost of changing the lawyer in the rare case of any concern
Dedicated portal to manage your case documents and communicating directly with the lawyer
Payment is fixed in the beginning and you are not hassled by the lawyer

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Property Due Diligence to Minimize Risks

Before investing in a property, it is highly recommended to get a due-diligence conducted of the property to minimize risks. MyAdvo can assist in conducting due diligence of the property through expert diligence professionals.

 

Types of Due Diligence

Depending upon the nature of the transaction and the property involved, due diligence can be either:

1.    Full Search (tenure of search is usually between past 30 years to 99 years)

  • Recommended for sale, resale, long term lease transactions and transactions that involve obtaining financial loans against the property.

2.    Limited Search (tenure of search is restricted to past 15 years)

  • Recommended for short term rental/lease transactions.

The diligence for both the methods involves a rigorous search of all components of a real estate property and carried out comprehensively. The only difference being the tenure for which the search is done.

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Legal Heir Certificate

When a family member passes away, the legal heir of the deceased can apply for a legal heir certificate. The certificate is used for inheriting property left behind by the dead person. It is also used for claims of insurance, retirement benefit, pension, gratuity and provident fund. MyAdvo will help you obtain legal heir certificate through an expert lawyer.

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