Can a home buyers flat who paid 95% be liquidated by NCLT
1. I had bought a flat from a estate developer/promoter in 2010. I have paid almost all dues say 95% but he did not complete the project with 36 months and still the project is not completely habitable. There are 500 flats in the project.
2. Sensing no improvement, I along with few other member moved to NCRDC in for refurnd of amount with interest Feb/May 2017. The final hearing was scheduled for 24.4.2020 but before that one of the close associate of builder moved to NCLT declaring him insolvent for an amount of Rs.25 lakh given to him against mortgage of one flat in project. There are 26 unsold flat but builder neither mortgage any of flat to lender and moved for insolvency proceeding.
3. In Oct. 2019, NCLT without listening to home buyers has allowed initiation of Insolvency Proceeding
on an individual plea who is not a home buyer but a close associate of builder.
4. Now, an IRP was appointed at the recommendation of lender. This IRP is playing a dirty game as he try to avoid forensic audit of builder's account and threatening home buyers to deposit balance amount otherwise project was liquidated.
So my question is:
1. Can the NCLT issue order to liquidate the flats of home buyers who paid 95% amount.
2. Out of 493 sold inventories, about 140 home buyers have not taken the possession and are fighting for justice.
3. Can the NCLT order for liquidation without conducting forensic audit of builder/promoter's account.
4. Can the IRP appoint forensic transactional auditor without the prior consent of CoC. IRP says he has the power to appoint any of auditor.
4. Now we have voted out the IRP. So he is trying to recommend NCLT for liquidation.
5. What are the legal remedies left to protect our interest either to get refund of amount plus interest through the exisiting pending court case in NCRDC.
6. What should be our further course of action.