Builder issues are almost prevalent in every state and I would not have known much about it if my friend had not lodged a complaint against the builder. She initially asked me
how does NCLT settle disputes between flat buyers and builder but I had no clue so asked her to consult with some experts. I am sure many of you do not know their work exactly so let me share some information about it so that you can raise your complaint if needed in the future.
Get your property documents checked before making an investment by NoBroker Legal experts
What cases does NCLT handle?NCLT stands for National Company Law Tribunal. If you have the query: does NCLT handle apartment owners and builders disputes, the answer is Yes. It is a quasi-judicial authority or body charged with the task of dealing with corporate disputes that are of civil nature as per the Companies Act like cases dealing with arbitration, arrangements, compromise, reconstruction and winding up of the company.
How does NCLT settle disputes between builder and flat purchasers?
At first do understand that even if you want to lodge a complaint against the builder, you will not be able to do it alone. As per the IBC code, at least 100 home buyers or 0% of tidal home buyers (whichever is less) must together lodge a complaint against the builder. If such a complaint gets lodged, the NCLT appoints an insolvency resolution professional whose task is to solve the case as early as possible. If someone is not happy with the solution, they can again appeal to NCLAT as per Section 61 (1).
This is what I understood after hearing everything from my friend and hope this has also answered your query: how does NCLT settle disputes between flat buyers and builder.
Read More:What is NCLT?
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Does NCLT Handle Apartment Owners and Builders Disputes?
Deepika
279 Views
1
3 Year
2022-11-21T09:08:23+00:00 2022-12-01T12:12:07+00:00Comment
Share