If a builder working on residential township fails to pay the dues to his lending bank leading to the property being declared as an NPA by the bank, I have read that the bank can take control of the property and auction the flats if needed to recover the loans.This apparently applies even to those flats that were already sold.
In this case for the consumers who have booked flats and have even made partial payments either from their pockets or through home loans from other banks, what kind of protection exists for their investments? I mean how does one go about recovering their investments in such an eventuality?
