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Q. Builder VS Bank IRP

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posted 1 year ago

Q.Builder VS Bank IRP
I bought an under construction apartment and the construction has been going on for a long time. I have not got the possession yet. Recently, an insolvency resolution process has been initiated between ICICI and the builder. Because of this IRP, my association has adviced us to fill 'Form CA- For claims by financial creditors in a class' and submit it to the Interim Resolution Professional. I need your opinion about submitting this form-ca. Can you please provide your suggestions on the following queries? 1. As my property is already registered, is it safe to submit the form-ca? 2. What are the chances of getting the claim in such cases? 3. If I submit the form-ca to interim resolution professional, and if the judgment is not in favor of our association, as per individual expectations, will my apartment registration become void? and do I have to compulsorily accept the compensation that is given to me, if any? or do I have the option to hold on my registration and the ownership of the apartment? Please provide your valuable suggestions. If I participate in this process, will my flat registration becomes void?
Also, there was an initial hearing yesterday in which the tribunal has postponed the next hearing to July 12th as it is hopeful that both parties (ICICI and builder) are hopeful of settling the issue mutually.

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Kishan Dutt Kalaskar Retired Judge

Experience: 34 Year(s)

Responded 1 year ago

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A. ) Dear Sir,
It is better to fill Form CA

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