• Flat not recieved - Company in Liquidation

Sir, 
I booked a house with Assotech Ltd at Windsor Court in Noida. This flat was booked in the year 2010. 
I am yet to receive the possession of the said flat (although it was to be given to us in the year 2014). 

I have now read on the internet that the company is under Liquidation. I as a flat owner am very worried about the following
1. Will I ever get my flat
2. Will the flat also be taken over by creditors as part of Liquidation.
3. What are the Legal options before me. 

Have there been any similar cases with the Noida Builders in recent past. What has been the stand of the Court in these matters. 

Regards
Asked 4 months ago in Property Law from Mumbai, Maharashtra
Religion: Hindu
1) did builder enter into registered sale deed with you ? 

2) what is amount paid by you till date? 

3) did you take any bank loan from any financial institution ? 

4) what is the stage of project ? 

5) if company has gone in liquidation Official Liquidator attached to this Court is appointed as the Provisional Liquidator. He is directed to take over all the assets, books of accounts and records of the company forthwith. The Official Liquidator shall also endeavour to prepare a complete inventory of all the assets of the respondent company when the same are taken over; and the premises in which they are kept shall be sealed by him. The developer-company, as well its directors, are restrained from alienating, encumbering, or otherwise parting with possession of the assets of the company without the leave of Court.

6) in such a case builder  if he has funds tries to reach an settlement with his creditors 

Read more at The Logical Buyer's blog: Non payment of Assured Returns – Delhi HC orders winding up of Company http://www.thelogicalbuyer.com/blog/?p=1351
Ajay Sethi
Advocate, Mumbai
23118 Answers
1214 Consultations
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You are unlikely to get your flat if the company is under liquidation. So you may serve a lawyer's notice for cancellation of booking on the builder to seek the refund of the amount paid by you. If the amount is not refunded then file a complaint against the builder under Consumer Protection Act before the Consumer Forum. 
Ashish Davessar
Advocate, Jaipur
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445 Consultations
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1) if builder does not ha e funds you woukd not get refund 

2) you cannot stop payment of intetest to HDFC 

3) you have to approach company court to direct liquidator to hand over flat to you and offer to pay bakance 20 per cent 
Ajay Sethi
Advocate, Mumbai
23118 Answers
1214 Consultations
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In my opinion, if the builder has not given you possession on promised date as per the agreement. There must some penal interest/amount the builder is liable to pay you. 

Surely, your flat cannot be taken over by the liquidator as you have registered sale deed.

Apart from the above, you can file a case at State Consumer Disputes Redressal Commission, Lucknow, since your matter is of Noida (U.P.) the law is quite favourable to the buyer recently a landmark judgement was passed by the National Commission, Delhi wherein the Commission has given compensation + Interest to the buyer.

Sankalp Mehrotra
Advocate, Lucknow
6 Answers
0 Consultations
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1. Will I ever get my flat
2. Will the flat also be taken over by creditors as part of Liquidation.
3. What are the Legal options before me. 

Firstly issue a legal notice to the builder demanding to hand over possession by executing a registered sale deed of the property as per the conditions of sale agreement.

Demand penal interest for the delay in completion of construction.

Drag them into the consumer court for this deficiency in service as well as for the mental stress and agony caused due to this. 

If you anticipate take over by the creditors to the builders, you my file an injunction suit agaisnt the  builder and implead the suspected creditors as party to the injunction suit.
T Kalaiselvan
Advocate, Vellore
13934 Answers
127 Consultations
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I assume that my flat is not an asset of the builder and cannot be taken over by the liquidator. Can I approach the consumer court to get a refund. If the builder does not have funds how will I get my refund. 

You first send a legal notice as suggested demanding possession of the flat and also the interest towards delay in construction 

You can drag him to consumer court after tht, let him answer the court about his financial crisis and suggest alternative measures.

The court will pass instructions accordingly. 
T Kalaiselvan
Advocate, Vellore
13934 Answers
127 Consultations
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