For the gift deed or release deed to be legally valid, it is
necessary that it is registered with the sub-registrar of
assurances having appropriate jurisdiction
I have a flat booked with a developer who has been
declared insolvent. I have paid 50% of the property value and the
remaining is being paid through
EMIs on a loan I took. Is there a
legal recourse for me?
—Deepa Mahto
Under the Insolvency and Bankruptcy Code, 2016, homebuyers are
considered as financial creditors and have a right to be
represented before the Committee of Creditors. Based on the limited
facts provided to us, you may note that as part of the corporate
insolvency resolution process, the procedure is that a public
notice will be published in local newspapers for inviting the
claims of the creditors and pursuant thereto you will be required
to submit your claim in the prescribed form along with details and
documents to the resolution professional appointed for the class of
homebuyers.
