Business Standard

Options for buyers when builder goes bankrupt

Consult legal experts before changing status from title owner to creditor to the developer

house, construction, real estate, home, building
Premium

Sanjay Kumar SinghSudipto Dey
Ravi Kumar, a senior official with a public sector company, is among the many who have booked flats in Jaypee’s Wish Town, Noida. He had done so in 2010. Over the next three years the developer built the superstructure and took 90 per cent of the cost. The completion period was three years from the time of booking, but deliveries did not happen. “We thought the financial issues would get resolved. The news that the company is in insolvency proceedings has come as a shock,” says Kumar.

Recently, the National Company Law Tribunal (NCLT) admitted bankers’ plea to initiate insolvency

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 20 2017 | 10:16 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com