File claims or lose money says experts

NOIDA: The Supertech Limited homebuyers will have to file claims within 14-45 days to claim their flat or investment or they may lose funds as the Indian bankruptcy code-2016 provisions make it mandatory for homebuyers

NOIDA: The Supertech Limited homebuyers will have to file claims within 14-45 days to claim their flat or investment or they may lose funds as the Indian bankruptcy code-2016 provisions make it mandatory for homebuyers. The Supertech is facing corporate insolvency proceedings as the realty firm failed to pay R431 crore dues to the Union Bank of India. The national company law tribunal on Friday started insolvency proceedings appointing interim resolution professional Hitesh Goyal who will take all decisions for the Supertech Limited and also finalise a new developer, who may take over the company and deliver the projects. The IRP is likely to sit in office in Noida’s sector 96 on Monday to talk to buyers.

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“As per the process the homebuyers need to file claims within first 14 days from the day when the judgement delivered. As per the rules they can get maximum 90 days to file the claims. If anyone will not file the claims as per the law then they may lose their investment for failing to follow rules. Failing for 90 days in filing claims the buyer will have to seek NCLT intervention to file claims making the process complex,” said Piyush Singh lawyer from PSP Legal, a law firm.

“If the homebuyers will fail to file claims till revival plan of a new developer is approved by the interim resolution professional then he may lose the investment,” added Singh.

According to the Supertech Limited there are 38041 customers out of which 27111 flats are already delivered and the remaining are yet to be delivered. There are at least 12000 homebuyers, who got the possession but they are yet to registry the flats.

Kumar Mihir another lawyer handling cases related with homebuyers and NCLT said that the homebuyers should follow what the IRP says and should not lose the opportunity of filing the claims.

“Within 14 days window and 90 days window later is easier method to file claim. Later it will become very lengthy and tough as it required intervention of the NCLT. Therefore now the buyers should watch out when the IRP publishes an advertisement about the claims and other legal formalities,” said Mihir.

The homebuyers of Supertech awaits for the communication from IRP.

“We are having a meeting on Sunday to decide the future course of action because we have been suffering for many years. We are yet to get a communication from IRP as to when the claims should be filed and how,” said Abhishek Kumar president of Noida Extension flat owners welfare association.