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.
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