Hello friends..
I am searching for a law, which deals with the position of owners of plot(s) / prospective buyers who are purchasing the plots / land from a private developer company, say BPTP, IREO, DLF, UPPAL, API, etc.
Persons who have either purchased the plot/land by giving the entire sale consideration or have only made part payment in that regard or have merely given the booking amount to a developer for purchase of the plots/flats/lands, whatever might be the case.
What is their position? Will they be classiifed as creditors of the developer company? secured or unsecured?
I am specifically looking for something which says that they ARE NOT CREDITORS of the developer company at all. They cannot be.
Thanks! Any help will be appreciated. Looking forward to yor coments and replies.
