1. If the IP proceeding succeeds then the project itself would be sold to recover the bank loan and then it that event there is no guarantee that the flats would be re constructed or the project would be finalised anytime soon.

2. Only if the flat is under complete construction and you have physical possession then only do not participate in the proceeding.

3. Else raise your claim so the money invested can be recovered in part , if not in full.

4. By participating in the IP your tile in the property would be hampered. 

Have you taken the possession ? IF possession in your hand and sale deed has been registered, than you are not effected party and ownership already transferred in you. You have no claim agasint the builder and hope no loan default agasint your property.

Just make sure, your property loan is clear, if not than submit your claim to IRP.

You can lodge your claim with IR 

2) chances of getting claim depends upon assets of the builder 

3) you cannot claim the money and flat too 

If you don’t want don’t submit your claim 

if settlement is arrived at between builder and bankers builder would be in position to complete construction and deliver possession of flat to you 

IS this flat is mortgage with bank by builder ? If yes than fill form.

And since builder is facing solvency process, so he won`t complete the construction for obvious. 

The said question has been answered by me.  As per the courts direction you can fill the form and accept the claim amount.  If satisfied you can further proceed for balance amount in court

You have to repay the bank loan even if builder is declared an insolvent 

Until recently, all the flat buyers in the project would not only risk losing their hard-earned savings but would also have to forgo the hefty interest paid on their home loans. This is because the builder's financial creditors would have first charge on his fixed assets, including properties under construction.

But the Centre has now come to the rescue of such distraught homebuyers, with President Ram Nath Kovind giving his approval in May, to the promulgation of an ordinance to the Insolvency and Bankruptcy code (IBC), 2018. Under this ordinance, flat owners will be treated as 'financial creditors', on a par banks and other financial institutions during debt recovery.

The ordinance is path-breaking in that the homebuyer, as a financial creditor, can recover the money he paid to a bankrupt builder from the sale of its assets. This includes properties under construction, the builder's company and associated assets. Apart from enjoying legal powers equal to those of the banks, home buyers will also have voting rights that would enable them to participate objectively in the insolvency resolution process and shield their interests in the same way as those of the banks. They will get due representation in the Committee of Creditors (CoC) that voluntarily takes a call on resolution proposals for the bankrupt firm.

What's more, since a homebuyer is a financial creditor, nobody can touch his property. Earlier, when a realty firm went bankrupt, the flats for which home buyers had paid advances would become the property of banks and other lenders. Often times, their property would be auctioned, even though there was no default on their part, since they were merely treated as consumers and did not have any say in the legal proceedings of a bankrupt real estate firm.

You can submit the claim form along with others.

If you dont submit the claim form then you may stand losing an opportunity when the claim amount is disbursed among the creditors.

since a home buyer is a financial creditor, nobody can touch his property. Earlier, when a realty firm went bankrupt, the flats for which home buyers had paid advances would become the property of banks and other lenders. Often times, their property would be auctioned, even though there was no default on their part, since they were merely treated as consumers and did not have any say in the legal proceedings of a bankrupt real estate firm.

No nowadays the court directs another builder or construction company to take over the said project if it's incomplete.  There will be soms authority appointed for smooth flow

When you paying loan than where default committed on your property, your title is clear.

1. if the insolvency proceeding has been filed by the bank as a financial creditor against the builder, then once the application of the bank is allowed, there will be a moratorium or stay during which no legal proceeding can be filed against the builder

2. a flat buyer has been recognised as a financial creditor by the insolvency and bankruptcy code

3. thus if a IRP has been appointed then the flat buyer can also lodge his claim with the IRP for the moneys so far paid by him to the builder with the interest

4. the IRP with directions from the tribunal will try to revive the builder so that he is not declared insolvent

5. in case the insolvency process fails and the builder is adjudged as insolvent then the flat buyer's claims will be taken care of by liquidation of the builder's assets

6.therefore it is essential that you lodge your claim with the IRP 

7. lodging your claim will not affect your allotment of new flat [if building is completed, provided builder is not adjudged insolvent or the builder company is taken over by some other builder who would then complete the project]

8. in case the builder is adjudged insolvent, nothing also stops you from filing a RERA complaint against the builder to recover your money with interest

9. if the builder is declared insolvent and liquidation proceedings are initiated then your bank's claim and also your claim for the EMIs so far paid by you will be adequately taken care of by the court in the liquidation proceeding 

Dear Client 

1. Yes it will be safe to submit form CA. As you will become creditor of the firm and creditors will have claims first as they will be on top rank for claims.
2. The chances for getting the claims are good as a creditor than a buyer.
3. Yes registration will become null and void. And you have to accept the compensation which would be offered to you.
4. You will not have the option for retaining the apartment as when the reciever is appointed for the property the whole property will put for auction to recover the debts. 

My suggestion is that you should submit the claim. And if you will not submit the claim your rank for claim will fall and first the creditor money will be paid completely then if left your(owners who doesn't submit the claim) turn comes.