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Possession Delay - NCLT

Verified Lawyers Fixed Quotes Dedicated Case Manager 100% Confidentiality

  • 1 h
  • Price Negotiable
  • Online/Offline

Service Description

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 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 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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