Homebuyers claim under IRP

IRP or Interim Resolution professional is appointed by National Company Law Tribunal (NCLT) when the latter feels its necessary to take reigns of the financials of a firm under the Insolvency and Bankruptcy Code. Lets see under what circumstances IRP comes into picture, what it does and what are the steps to be followed by home buyers to submit homebuyers claim under IRP.

What is the job of IRP

IRP or Interim Resolution professional is appointed by NCLT when it feels that in order to safeguard the interests of creditors, a professional individual or group is required to overlook the financials of the company executing the project. In order to do this, a committee of creditors called CoC is formed by IRP that looks after the day to day operations  or asset allocation of the builder executing the project.

What are different types of creditors for a builder project

There are 3 main type of creditors:  Financial creditors, Operational creditors and Other creditors. Banks and other organizations that have offered credit to builder in lieu of a mortgage are considered financial creditors. Those assisting in operations like Employees, Contractors and Agencies are considered operational creditors and rest fall under Other Creditors category. However, as per section 7 of the IBC, SC has ruled homebuyers also as financial creditor in April, 2019. Accordingly, homebuyers are considered as Financial creditors in a class.

What claim form home buyers have to fill?

There are 3 different forms used for claiming. Generally, Form C, CA, B and F are three different types of forms to be filled by Financial, Operational and Other creditors respectively. Home buyers can fill form CA since they are considered as Financial creditor in a class as per ruling by Supreme court.

Is it essential to notarize the declaration along with Form CA?

This helps IRP ensure that the genuine home buyers are filling the righteous claim. This prevents any third party from misusing a buyer’s ignorance on the topic. Hence, it is generally considered mandatory to notarize.

Is it essential to provide proofs and documents along with the claim?

It helps speed up the claim process. However, it is not absolutely essential to provide these details at first instance itself.

How to fill the form if I am outside India?

You may have your known fill it for you in India through a POA. In such a case, Affidavit needs to be submitted that needs to be duly notarized from Indian Embassy abroad.

Can buyers who have got possession but not occupancy certificate file claim?

Yes, they can file claims for various unrealized promised services and amenities including the flat which is considered undelivered till OC or CC for same is received. Club maintenance charges, power backup charges, Firefighting charges, IFMS, Lease rent, Car parking and BSP (which is on super area) may be claimed along with 18% interest.

Can residents who have got occupancy certificate also file claims?

Yes, they can file claims for various unrealized promised services and amenities. Club maintenance charges, power backup charges, Firefighting charges, IFMS, Car parking and a portion of BSP (which is on super area) may be claimed along with 18% interest depending upon whats delivered and whats not.

 

Last updated: September 19, 2019 at 15:50 pm

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