You should obtain an order from the supreme court for expeditious hearing and disposal of the case as its been years and the matter is still pending. An injunction can also be given by the supreme court so that the builder cannot dispose of the property or mortgage it until the he pays off all the creditors/buyers.

Same dispute adjudicating before two forums is not a wise strategy.  Let all aggrieved parties get the dispute resolved by any one forum. There every possibility of conflict or variation of verdict when two forums are dealing with same dispute. In your case, properties are mortgaged by promoters to different financial institutions. Liabilities are more than assets and securities. In such circumstances, the judgment of Supreme Court  in Bikram Chatterji vs Union Of India on 23 July, 2019  by Supreme Court  is applicable. The assets will be sold and advances will refunded to buyers. Promoters will be booked under various penal and financial laws, face trial and convicted.  

No need to file case in NCLT 

they can file fresh case against builder before NCDRC 

litigation is long drawn and expensive proposition in india 

your lawyer can guide you as to time to be taken for disposal of case in your city 

Section 5(8) (f) of the IBC provides home buyers with the right to approach the NCLT against builders, in the capacity of a 'financial creditor'.

The Supreme Court, on January 19, 2021, said at least 10% of total buyers in a housing project were needed, to initiate insolvency proceedings against a defaulting developer, the SC established that a minimum of 100 home buyers should come together to file an insolvency application in the NCLT against a defaulting developer.

If the required number of aggrieved buyers are less than 10% of the total as is required  as per the latest amendment, then they may have no option than to approach NCDRC or RERA.

1. if a nclt petition is filed and is admitted then all legal proceedings against the builder will automatically stop [known as moratorium]

2. this will directly affect the pending NCDRC case which is only a few hearings apart from final judgment

3. so its not advisable to go for nclt now

4. not possible to predict timelines

Yes they can go for NCLT too but even before NCLT the builder should have funds to repay otherwise the position will be same as Rera and consumer forums

Hello,

They should file the case in the NCLT as the proces there is much faster than any other forum.

Regards

They should continue their case in NDRC 

2) in execution proceedings seek attachment of personal property of builder 

3) if he fails to pay said property can be sold as per court orders 

Dear Sir,

When faced with an issue, the homebuyer can submit a formal complaint under the Consumer Protection Act (CPA), 1986, in the forum that falls under the same jurisdiction as the property or the developer’s office. The forum that addresses the dispute will depend on the claim. You can file a complaint for claims

• Under Rs 20 Lakh with the District Consumer Disputes Redressal Forum
• Between Rs 20 Lakh and Rs 1 Crore with the State Consumer Disputes Redressal Commission
• Over Rs 1 Crore with the National Consumer Disputes Redressal Commission (NCDRC)

The National Company Law Tribunal (NCLT) is proving to be a more popular choice among homebuyers seeking quick relief from deviant builders. At present, any homebuyer can charge a case of insolvency against a developer and claim any amount equal to or more than Rs 1 lakh. However, if the project is delayed for genuine reasons, moving the NCLT can affect the developer adversely as other projects are also affected along with the concerned lenders.

According to Anuj Puri, Chairman, ANAROCK, it makes more sense for buyers to opt for self-construction if the project is small and is at least 85% complete. It not only saves much time and effort for the buyer but also prevents developers who are legitimately going through temporary bad patches from being deeply affected.

Approaching NCLT leaves the project hanging in the balance and does not guarantee a refund, both of which leaves the homebuyer out in the cold. In such cases, the homebuyer should discuss with the builder and arrive at a fair solution or approach RERA.

Thank You!

If you have already filed a case before NCDRC, you may continue with the case, you should not be bothered about what others do. 

Most of the people may change their decisions out of anxiety and repent later for having taken wrong decision. 

If the National commission passes any orders in favor of the complainants, then they may have to execute the orders as per provisions of law, why are you so much worried about the builder's bankruptcy or non availability of funds with him, the law will take its own course of action.

You should go to the supreme court as tge tip court is listening to these matters ie Amrapali builders etc. It will transfer the matter to itself or direct the court below to pass an order and its execution.

Any order ncdrc or nclt can only be fruitful if builder had money otherwise both orders are difficult to get executed

1. if few buyers approach the NCLT and if that petition is admitted then automatically the NCDRC proceedings will come to a halt

2. this will not serve the purpose of any 

3. now even if few file the NCLT case and the petition is admitted, then the only outcome of that will be the builder company going into liquidation since you say that the builder does not have funds

4. thus even if NCLT proceedings culminates into a winding up order for liquidating the assets of the builder company, that will not yield any results since if the builder itself does not have any assets or funds then liquidating its assets will also not yield any positive outcome for anybody

5. the NCDRC case is almost at the junction of coming to an end. Then why stall that by filing a NCLT case which will take time and obviously the liquidation will not happen instantly as the timelines under the Insolvency and Bankruptcy code will have to be followed

6. so might as well take a final judgment from the NCDRC and put that decree to execution, for whatever it is worth

7. another option would be to withdraw from NCDRC and file a RERA complaint with a prayer that RERA should take over the pending project and complete it either through the association of allottees or the competent authority u/s 8

8. on an second thought even the NCLT case can be explored only if the buyers know any other competent builder who can be the resolution applicant for reviving the company of the builder and for taking over of the pending project and who would be passed as a successful resolution applicant by the committee of creditors which would comprise of the majority of the buyers. so it is like taking a chance

9. hence here there can be no direct answer to your question

10. there was a similar case in the matter of Jaypee infratech which was being monitored by the Supreme Court 

Invoke the remedy available to you under the consumer protection act, by approaching the NCDRC/SCDRC.

NCDRC has the power of execution of its own orders. If the builder does not complies with the order passed by NCDRC in your case/class action suit, all of you will once against have to come to NCDRC with An execuon petition. 

- They should join the existing NCDRC case , and even can also file their respective case before the NCLT as well.
- However it is not advisable to waste time again after filing a new compliant against the said builder , when 
ncdrc is going to decreed the case , and who were already a party in that case. 
- Further , as NCDRC already gives verdict in favour of buyer then the buyers can file execution petition , and 
seek attachment of the properties of builder.