Hello, 

Yes, you should file a claim explaining the situation and ask for registration of the property. 

Hope this helps. 

Regards

Do you have registered sale deed in your possession 

if you have paid full consideration and have taken possession and have registered sale deed no need to file any claim 

Dear Client, as you have taken possession of the office units, paid full consideration, and have been utilizing the property for two years, your main worry would be the pending registry which leaves the legal title incomplete. Filing a claim with the resolution professional under IBC does not necessarily imply that the property title becomes disputed; it instead provides a safeguard to your interest during the insolvency process. You can file a claim notifying the resolution professional about your ownership and thus exercising your right to have the registry completed. In any event of resolution plan or liquidation, your position is protected, and it is taken into consideration. Consult a legal professional to file a petition if you need to enforce the completion of the registry for getting full legal title and thereby avoiding complications in the future. Filing of the claim would not impair your possession; however, it is mandatory to avoid loss of your rights.

Hope you find this answer beneficial for resolving the dispute. 

- Since, you have already made complete amount of the said unit , then you should move an application before the IBC for informing the same and becoming a party in the said resolution. 

- Further, you can also issue a legal notice to the said builder for executing sale deed with the approval of the IBC. 

It appears that you have purchased the property but have not got the property registered by a sale deed on your name.

May be because you wanted to avoid paying stamp duty that you didn't take care about registration of sale deed in your favour.

Since the creditors have approached resolution professional and as your name appears in the list of creditors with RP you can make a claim for the money you have already paid to the builder. However, if there are possibilities for getting the property registered through the builder at a later stage (though the chances are dim), then you may decide otherwise but make sure your investment is safe and secure in either of the option.

If you don’t have any claim then you can’t file the same as if the builder accounts will verified then it willl eventually come out

You are not required to file any monetary claim before the Resolution Profesional since the builder does not owe you anything

However you will have to write to the RP to register the sale deed in your favor since the RP is now in control of the builder-company 

Property in your pos is still in the name of builder. Ibc notice is issued to as occupier. If property is purchased prior to ib proceedings, your property is safe. Submit proof of purchase giving reasons for not registering the  property.  If ib proceedings commenced prior to payment to builder your purchase will be part of property attached in ib proceedings.

Navigating property rights and claims in the context of a builder entering insolvency under the Insolvency and Bankruptcy Code (IBC) can be complex, particularly when the property registry is pending. Here’s how to approach your situation where you've taken possession of office units but haven't completed their registry, and now the builder is under IBC proceedings:

Understanding Your Position

1. Possession and Payment Completion: Since you have already taken possession of the office units and paid the full amount, your primary concern isn't a financial claim against the builder for money owed, but rather securing the title and ownership rights of the property.

2. Pending Registry: The registry (or conveyance deed) is crucial as it legally transfers the ownership of the property from the builder to you. Without this, while you may possess the property and even derive income from it, the legal title isn't formally recognized as yours, which could lead to complications.

Should You File a Claim?

1. Filing a Claim: Even though the builder does not owe you money per se, filing a claim in the IBC process is advisable. This would serve as a formal notification of your interest and rights over the property.

2. Nature of the Claim: Your claim should specify that it relates to the completion of the property registry and not a financial debt. This clarifies that your interest in the IBC process is to ensure that any resolution or liquidation plan acknowledges and addresses your rights to obtain the property's title.

3. Effect on Title: Filing a claim does not mean that your title is disputed by default; rather, it means you are asserting your rights to the title during the insolvency proceedings. This is important to ensure your rights are not overlooked or undervalued in the resolution plan formulated by the resolution professional.

Steps to Take

1. Consult a Real Estate Lawyer: Given the complexities involved, especially under the IBC, consulting with a lawyer who specializes in real estate and insolvency law is crucial. They can help draft your claim, ensuring it correctly represents your interests and is submitted in compliance with IBC procedures.

2. Submit Your Claim: Follow the instructions provided by the resolution professional to submit your claim. Ensure it is detailed and includes all relevant documentation—purchase agreements, proof of payment, possession documents, communications regarding the registry, and any correspondence with the builder.

3. Monitor the Process: Stay informed about the progress of the insolvency proceedings. Your lawyer can help you understand key developments and represent your interests in meetings of creditors or other forums.

4. Prepare for Various Outcomes: The resolution process might result in the continuation of the builder's business under new management, liquidation, or some other outcome. Be prepared for various scenarios regarding how your property rights will be handled.

Conclusion

While the IBC process can be lengthy and uncertain, actively participating and asserting your rights is essential to protect your investment and interests in the property. Ensure all communications and claims are clear about your status and rights as an owner needing registry completion, not just a creditor seeking financial recovery.

For detailed, personalized advice, consider a phone consultancy. Hope you find the information helpful. You are free to contact me for further discussion. If you could spare two minutes of your time to write a review, it would be greatly appreciated and bring immense happiness to read it. Thank you. Shubham Goyal.

It provides a clear path forward in terms of filing a claim and protecting your rights during the insolvency process. To elaborate slightly, here’s a refined approach:

1. Filing a Claim:

   • 
     Why File a Claim: Filing a claim is essential to establish your interest in the property, particularly since the builder is undergoing insolvency proceedings. It will protect your position as a rightful occupant and help in getting your name included in the resolution process.
   • 
     What the Claim Will Do: The claim ensures that you are formally recognized as an interested party, securing your ownership rights, especially if there are any complications with the transfer of the title during the insolvency proceedings.

2. Impact of Claim on Title:

   • 
     Title Not Automatically Disputed: Since you have possession, the fact that the title is not disputed should hold, assuming all payments have been made. The claim itself doesn’t imply a title dispute but instead ensures that your right to complete the formal registry is protected once the resolution concludes.
   • 
     Possibility of Delays: The insolvency process might delay your formal registration, but it does not negate your ownership. It's simply a procedural matter that will need to be addressed once the resolution process is finalized.

3. Next Steps:

   • 
     File the Claim: Contact the resolution professional to file your claim, ensuring that your property interests are formally acknowledged. This should be done promptly to ensure you are part of the decision-making process.
   • 
     Keep Documentation: Retain all records of communication and documents related to the property, including payments and possession details. This will be critical for ensuring your position is respected in the resolution.
   • 
     Follow Up on Registration: Once the insolvency process is resolved, stay in touch with the resolution professional to ensure the registry and transfer of the property are completed smoothly.
   • 
     Legal Assistance: As the insolvency process can be complex, it’s advisable to seek legal advice from a real estate lawyer with expertise in IBC proceedings to ensure your rights are fully protected.

In Conclusion: Filing a claim is a protective step to safeguard your interest, and while it may cause some delays in registration, it does not imply that your title will be disputed unless there are further complications in the insolvency process. Proceed with filing the claim and ensure the transfer process is followed once the resolution is complete.

You're in a complex situation, and I'll break it down to help you understand the implications.

# Key Points

1. _Possession and Payment_: You've taken possession of the office units, paid the full amount, and even rented them out.
2. _Registry Pending_: The registry of the property is still pending, which could potentially raise concerns about the ownership transfer.
3. _Builder's Insolvency_: The builder has been declared insolvent, and an IBC resolution professional has taken over the day-to-day operations.

# Filing a Claim

In your case, since you've paid the full amount and taken possession, you might not need to file a claim for monetary compensation. However, it's essential to consider filing a claim to:

1. _Protect Your Interests_: By filing a claim, you'll ensure that your interests are protected, and your ownership rights are acknowledged.
2. _Clarify Ownership_: Filing a claim can help clarify the ownership situation, especially since the registry is pending.

# Implications of Filing a Claim

If you file a claim, it might be perceived that the title of the property is disputed. However, this doesn't necessarily mean that the ownership will be resolved through the IBC process.

The IBC process primarily focuses on resolving the builder's insolvency and distributing assets to creditors. Your claim, if filed, will likely be treated as an asset of the builder, and the resolution professional will verify and admit or reject your claim.

# Recommendations

1. _Consult a Lawyer_: Engage a lawyer specializing in IBC and real estate law to guide you through the process.
2. _File a Claim_: Consider filing a claim to protect your interests and clarify ownership, even if you're not seeking monetary compensation.
3. _Monitor the IBC Process_: Keep track of the IBC proceedings and ensure that your claim is properly represented.
4. _Pursue Registry_: Initiate the registry process as soon as possible to formalize the ownership transfer.

By taking these steps, you'll be able to protect your interests and navigate the complex situation arising from the builder's insolvency.