This the best way to get your hard earned money stuck in Builder Projects Fast..
Under the recent Insolvency and Bankruptcy code the common Home buyers are also Financial Creditors under the new amend in the Insolvency and Bankruptcy code.
Even one homebuyer can drag an errant builder into the National Company Law Tribunal (NCLT)
The Recent Case of Granite Gate Properties…
The National Company Law Tribunal (NCLT) gave nod to start insolvency proceedings against NCR-based real estate firm Granite Gate Properties, after homebuyers complained about the firm’s inability to complete the project.
Admitting the plea of three homebuyers, a two-member bench headed by NCLT President Justice M M Kumar allowed the insolvency plea against Granite Gate Properties, which is developing housing project Lotus Panache in Noida.
The Objective is to Settle Fast…
What happened in Granite Gate is unfortunate. The whole object is to approach NCLT and settle the matter before the insolvency. Because builder cannot afford to go into insolvency due to one home buyer.
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Advocate Nitish Banka
[email protected] 9891549997 or Watsapp
Expert in Builder Disputes