• 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 7 years ago in Property Law
Religion: Hindu

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5 Answers

1) you should continue paying EMI

2) you should lodge your claim with liquidator high court

Ajay Sethi
Advocate, Mumbai
95205 Answers
7607 Consultations

5.0 on 5.0

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

Ajay Sethi
Advocate, Mumbai
95205 Answers
7607 Consultations

5.0 on 5.0

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.

Devajyoti Barman
Advocate, Kolkata
22920 Answers
498 Consultations

5.0 on 5.0

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.

T Kalaiselvan
Advocate, Vellore
85404 Answers
2236 Consultations

5.0 on 5.0

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.

T Kalaiselvan
Advocate, Vellore
85404 Answers
2236 Consultations

5.0 on 5.0

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