Builder flat alloted but not completed
Vivek
(Querist) 16 May 2012
This query is : Resolved
Dear Experts,
i had booked a flat in Royal Minaar, Zirakpur, Punjab in last year. from last 8 months no progress in work. Builder was giving excused for the same. Registry is on my name but now we got an information that builder has declared him as an insolvent, and not ready to pay and and complete the project. On sunday we again come to know that the Jeevan Garg (Builder) has underground and left the country.
Can experts help me. what we should do in such case.
Regards
Vicky
ajay sethi
(Expert) 16 May 2012
vicky
if builder has declared him self an insolvent chnaces of recovery of money are bleak.
if builder had duped other bflat owners too all of you have to join hands and lodge your claim . if assets are insufficent you wont receive any money as secured creditors get priority .
if you have paid only booking amount and it is not substantial forget about recovery
V R SHROFF
(Expert) 16 May 2012
Vivky,
First of all you check whether Plot of Land was purchased by builder?
or he worked as developer of land , and was not transferred on builder's name??
Try get INJUNCTION and claim your right on plot of land and whatever constructions he carried out.
File civil suit on builder =+ land owner a
after paper out inviting any claim of other persons on this property.
Take action jointly with all who purchased
R.K Nanda
(Expert) 16 May 2012
I agree with expert Sethiji.
Vivek
(Querist) 16 May 2012
Dear Experts,
thanks for responding,Giving you a clear picture on this, this project is having 6 blocks out of this 3 blocks are registered and rest land is not. The registered land is on builder name ( Jeevan Garg). Builder has taken a loan against his property from different sources (like banks/individual investors). Many investors had lodged an FIR against him. Now police is searching for. Builder consist of 5 main key holders. out of this police had arrested 3 person, his brother, father and Accountant. MD & his son is not traceable and these 3 persons are on police remand. how we can take a stay on this property from court.
ajay sethi
(Expert) 16 May 2012
jeevan garg is owner of plot . he is insolvent . he has taken money from banks / FI . the banks being secured creditors have right to sell the land as it must be mortgaged to them .
if land was in name of company it would have been easier for you to move court and obtain injunction and for recovery of your money .
since builder isinsolvent you wont be able to recover your money .
Shonee Kapoor
(Expert) 18 May 2012
I agree with expert opinion of Ld. Sethi.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
