If the real estate company is in poor financial condition and is unable to continue or finish the concerned real estate project, home-buyers can initiate insolvency proceedings in the National Company Law Tribunal.
Before initiating insolvency proceedings, sending a legal notice to the builder serves as a final warning. In case a settlement is still not reached, you should then file the application for initiating insolvency process.
Steps involved in a NCLT complaint
Step 1: Fill Form
Step 2: Upload Required Documents
Step 3: Make Payment
Note: A lawyer will contact you as soon as following steps are completed