Nclt

Dear Sir, We had booked a shop in a commercial project which was being developed in 3 phases. We booked in phase 1 which was almost ready then. we agreed with the developer to pay 80% ot the time of booking and balance 20% after 2.5 yrs of the booking. The developer issued an allotment letter confirming the provisional allotment .The developer also executed a separate Memorandum of Understanding at the time of booking stating that the buyer is giving leasing/renting rights /authority to the developer to lease/rent its shop in what so ever manner to the brands/tenants and will pay fixed assured return/rent to the buyer for 19 yrs irrespective of the rent it is receiving from the tenant. The developer successfully completed phase -1 and obtained part completion certificate for phase -1 and leased the shops to several big brands. Meanwhile the developer was working on the construction of phase -2 & 3 and also selling it on the similar format of assured return with obtaining leasing rights for a specific period Everything went smooth for 2.5 yrs but after 2.5 yrs assured return cheques started getting dishonored and eventually all the payment of all the buyers stopped towards assured return. During this the local government authority also sealed the complex due to non payment of its dues which eventually got opened after sometime as the developer got it settled and reworked the payment schedule with the authority. The developer has also taken loan from some corporate and financial institutions. Few of the buyers whose assured return was stopped ,corporate and financial institutions approached NCLT (National company law tribunal) individually to get their money back. NCLT court ordered liquidation and appointed IRP for the same. QUERY : Now since Phase -1 is complete can we the buyer of Phase -1 approach for the possession of the same