File your claim with resolution professional
you don’t have clear and marketable title to property as registered sale deed has not been executed in your favour
mere taking possession does not give you title to property
Flat possession was taken before builder filed for insolvency. Do I need to submit FORM CA?
Hi , i bought a flat in nov 2017 and subsequently got possession in Aug 2018 . Builder went to insolvency in oct 2018 . resolution plan was approved in may 2021 and now when i went to builder for registry , said not now , they will get the registry done in feb 2022 and for that too , i will have to file claim and submit Form CA . Additionally i came to know from other society members as below : xi. It is clarified that any person claiming to be Allottee of the Corporate Debtor, who has not filed their claim with the Resolution Professional, or if filed, has not been verified by the Resolution Professional, or if verified, has not been informed to the Resolution Applicant shall not stand extinguished for a period of six months from the date of the approval of the Plan by NCLT and for this period they shall be dealt at the sole discretion of the Resolution Applicant according to the merits of the case, and by way of proper verification of the documents held by the Allottees. Upon determination of the genuineness of such claim, only 50% of the principle amount shall be refunded in Qtr 13. Any claims for compensation by the Allottees received in this period will be written off in full and shall be deemed to be permanently extinguished by virtue of the order of the NCLT approving this Resolution Plan and the Company or the Applicant or shall at no point of time be, directly or indirectly, held responsible or liable in relation thereto. xii. After the period of six months the rights of such Allottee whose claims have not been admitted / not filed. Their claim stands extinguished. i have been living in this flat since sept 2018 . Pls help
Asked 3 years ago in Property Law
Religion: Hindu
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6 Answers
thank u sir . but what about undermentioned clause . does that impact my position ? and can builder ask for 50% amount from me . right now its within the six months time frame xi. It is clarified that any person claiming to be Allottee of the Corporate Debtor, who has not filed their claim with the Resolution Professional, or if filed, has not been verified by the Resolution Professional, or if verified, has not been informed to the Resolution Applicant shall not stand extinguished for a period of six months from the date of the approval of the Plan by NCLT and for this period they shall be dealt at the sole discretion of the Resolution Applicant according to the merits of the case, and by way of proper verification of the documents held by the Allottees. Upon determination of the genuineness of such claim, only 50% of the principle amount shall be refunded in Qtr 13. Any claims for compensation by the Allottees received in this period will be written off in full and shall be deemed to be permanently extinguished by virtue of the order of the NCLT approving this Resolution Plan and the Company or the Applicant or shall at no point of time be, directly or indirectly, held responsible or liable in relation thereto. xii. After the period of six months the rights of such Allottee whose claims have not been admitted / not filed. Their claim stands extinguished.
Asked 3 years ago
The clause does affect your case . File claim at the earliest
Your documents have to be verified by RP
you would get refund of only 50 per cent of amount paid to builder
Yes you need to immediately submit your claim to RP as moratorium has been declared ahd restructuring may happen
If the resolution plan had been approved by the adjudicating authority, then it is binding ion the resolution applicant and the resolution claimant.
You were informed to file a claim application hence you may follow the procedures that has been informed to you.
You are an allottee hence you have rights to claim either registry or compensation towards the property.
Since you have been handed over with the possession of property through a possession letter, you have to only get the property registered to your name, hence you may even think of filing a suit for specific performance of contract under the specific reliefs act for executing a registered sale deed in your favor against the builder ignoring the fact that an insolvency case is pending against him.
Let him appear before court and explain that why he is not able to execute the sale deed in your favor for the property that has already been given possession to you vide his possession letter. .
The builder is not the resolution applicant hence why should he claim 50% amount from you especially if you have already settled the entire amount towards purchase of this property.
You may better issue a legal notice to the builder demanding the execution of the registered sale deed to perform his part of the contra t after which you can file the suit.
You may discuss with your local advocate and proceed.
Dear Client,
If it is within period of 6 months then you can file claim prescribing the claim and it is the NCLT order of refunding 50% amount if claim filed on genuine reason you can file it now.
Thank You.
