1) you should continue paying EMI
2) you should lodge your claim with liquidator high court
Builder gone into liquidation
I Bought a flat from builder Assotech in Noida in 2013. I had taken loan for buying the same. The builder has gone into Liquidation. I was paying the EMI regularly , now since the builder is in liquidation what should I do as I will not get my flat: 1. Should in continue paying the EMI 2. Should I send intimation for refund to Liquidator 3. Should I approach High Court Pl advise.
Asked 8 years ago in Property Law
Religion: Hindu
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5 Answers
After lodging claim with High court liquidator do I still need to pay EMI. As such if I go to High court liquidator with claim then I am asking for refund of amount paid. Also how much time does it take to get claim settled with liquidator. Pl advise
Asked 8 years ago
1)if you stop paying EMI of loan bank will take recovery proceedings against you as it has already disbursed loan to the builder
2) hence you have to continue paying EMI
3) we cannot say how long it will take for liquidator to settle your claim
1. No stop the EMI and cancel the agreement.
2. Yes
3. Yes to add party to the proceeding.
It will take lot of time to settle the claim as the money at disposal will be adjsuted with the number of borrowers the builder has.
1. Should in continue paying the EMI
If you dont pay the EMI then the bankers will initite action to recover the loan amount by attaching the property.
2. Should I send intimation for refund to Liquidator
The liquidator may address your case along with others
3. Should I approach High Court
You can approach the appropriate court.
After lodging claim with High court liquidator do I still need to pay EMI. As such if I go to High court liquidator with claim then I am asking for refund of amount paid. Also how much time does it take to get claim settled with liquidator
You can approach the liquidator court and seek to know the procedures for filing the case agaisnt the builder for refund of your money since the builder has absconded.