Moving NCLT against a builder gone bust may not always work for homebuyers

Builders going to the National Company Law Tribunal is becoming a headache for many homebuyers. And with the Supreme Court holding the status of homebuyers as financial creditors, many who are stuck with incomplete projects could soon find themselves being part of the insolvency proceedings. In some cases, it has already started. For example, a homebuyer moved the National Company Law Tribunal (NCLT) against Delhi-based Raheja Developers for delay in possession. In another case, Bank of India filed a petition against Housing Development and Infrastructure (HDIL). The Mumbai-based realtor.....

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