The homebuyers are currently under the hood of Financial Creditors. Being so, a financial creditor has approached the National Company Law Tribunal. The purpose was to have the corporate insolvency resolution proceeding against a particular builder who has failed to hand over the possession of a residential space, more specifically a flat in an upcoming complex. The allegations did not stop at this. Further, the builder also failed to refund the money to the financial creditor . The stipulated time had passed after which the creditor moved to the NCLT.
The NCLT bench heard the case and ordered a notice dated August 31, 2018. It ordered the debtor to furnish adequate reasons as to why there should not be any proceedings initiated against him or any action taken against him. In the present case, as presented before the tribunal, the financial creditor Praveen Kumar Aggarwal had booked a particular unit/flat in the housing project popularly denoted as Ibiza by a group of builders named as Krrish Shalimar Projects Private Limited. The property is situated in Faridabad. He had booked the property in 2012 in furtherance of which Rd. 15 Lakhs was paid by him. Also, an allotment letter was furnished to him in July 2012. The Homebuyer had made an aggregate payment of 1.72 crores by the end of 2014 but failed to receive the possession of the property within 36months and topping it up with a 9 month grace period.
In response to such a delay in handing over the possession, the financial creditor sent a legal notice to the builder terminating the agreement and seeking refund of the money already paid. The corporate debtor however failed to refund the same as a result of which an action against him was imperative to be mined in the NCLT by the financial creditor. The matter is set to be next heard on October 9, 2018
Courtesy/By: Subhalagna Choudhury
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11 Sep 2018
