Apni Law Staff asked 3 years ago
We booked a flat in Greater Noida four years ago, but only 15% of the construction is complete. Now, the builder is facing financial difficulties. As a group of buyers, we’re planning to file a case in the National Consumer Disputes Redressal Commission (NCDRC). However, if the builder goes bankrupt, is there any chance of recovering our money? He already owes a large sum to the Noida Authority for the land.
Best Answer
Apni Law Staff answered 3 years ago
Under Indian law, if the builder goes bankrupt, your chances of recovering the money are slim. The Noida Authority’s claim for land dues will likely take precedence over your claim as home buyers. You may still be able to claim your money through the bankruptcy process, but it is highly uncertain and likely to be a lengthy and complex procedure.
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