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Possession Delay - NCLT

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Consultation Price
₹2,000
Excl. of taxes
Pay securely with major Credit and Debit cards, online Wallets and UPI
By booking this consultation, you agree to our T&C
1,200+ Court Filled in NCLT
Fixed One-time Quote
24X7 Customer Support
2,500+ Verified Property Lawyers
Timely Delivery of Case
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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.

Before initiating insolvency proceedings, sending a legal notice to the builder serves as a final warning. In case a settlement is still not reached, you should then file the application for initiating insolvency process.

Steps involved in Insolvency proceedings against the real estate company

Before your Payment

Requirements

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Clarifications

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Book the Service

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After your Payment

DOCUMENT VERIFICATION

You will be required to share scanned copies of documents related to the property for verification by a lawyer

COMPLAINT DRAFTING

The application will be drafted and shared with you for your 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
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Payment Structure

  • You are required to pay 60% of the case fee to start the work
  • 40% is payable upon settlement or final order

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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Consultation Price
₹2,000
Excl. of taxes
Pay securely with major Credit and Debit cards, online Wallets and UPI
By booking this consultation, you agree to our T&C
1,200+ Court Filled in NCLT
Fixed One-time Quote
24X7 Customer Support
2,500+ Verified Property Lawyers
Timely Delivery of Case