The fate of thousands of home buyers is at stake after the insolvency proceedings against real estate developer Supertech Ltd. The dream of buying a house for them can take a long time. Several under-construction projects of the developer are already delayed by several years. Because of which if you have also bought a house or are paying EMI, then this can be a big problem for you. Here is information on what buyers need to do in such a situation.
What does the rule say in case of bankruptcy
As per the rule, if the company declares bankruptcy then the obligation to pay the dues and complete the under-construction projects and deliver the units to the home buyers shifts to the new company.
Whereas if when neither the company can be revived nor there is any bidder, then the defaulting company goes for liquidation. This means that the asset is sold and its proceedings are distributed among creditors, shareholders and other claimants and stakeholders.
Of all the insolvency proceedings initiated against companies since the IBC came into force, several companies have been revived as well as liquidated. “As per publicly available data, a total of 4,946 corporate insolvency resolution processes have commenced till the end of December, 2021. Out of this, the total number of closed cases is 3,247.
What should home buyers do?
Several projects of Supertech Developers are now under corporate insolvency resolution process. In such a situation, if you have booked a house or you have a stake in it in some way, then you should know about your work.
- In such a situation, you should keep an eye on the whole incident.
- Firstly, home buyers should file their claim with an interim resolution professional. Also participate in the committee of creditors.
- The claim must be made within the time limit announced by the Insolvency Resolution Professional.
- Homebuyers should take some action collectively, so that you can get the house or get back the money invested.
- At the same time, you should not stop the EMI of your house, otherwise it may create another problem and may get stuck in your dream of getting a house.
how to claim
According to experts, when the builder becomes insolvent, you should make a claim to get the money or the house. Claims should be made with an insolvency professional only. However, you should make this claim within the stipulated time frame.