If there’s no fee, you possibly can switch property utilizing a present deed

The resolution professional for the class of home buyers shall represent the home buyers as part of the corporate insolvency resolution process

I’ve a flat booked with a developer who has been declared bancrupt. I’ve paid 50% of the property worth and the remaining is being paid via EMIs on a mortgage I took. Is there a authorized recourse for me?

—Deepa Mahto

Beneath the Insolvency and Chapter Code, 2016, homebuyers are thought of as monetary collectors and have a proper to be represented earlier than the Committee of Collectors. Primarily based on the restricted details supplied to us, you might observe that as a part of the company insolvency decision course of, the process is {that a} public discover shall be revealed in native newspapers for inviting the claims of the collectors and pursuant thereto you can be required to submit your declare within the prescribed type together with particulars and paperwork to the decision skilled appointed for the category of homebuyers.

The decision skilled for the category of dwelling patrons shall characterize the house patrons as a part of the company insolvency decision means of the company debtor (bancrupt developer firm) earlier than the committee of collectors.

My mother-in-law died in 2019 and left a flat in Mumbai to my spouse and her sister. They offered the flat and acquired a brand new house in the identical metropolis. As my sister-in-law was within the US, the flat was registered in my spouse’s identify and mine. We now plan to switch my possession within the new flat to my sister-in-law when she visits India and get the property registered in my spouse’s and sister-in-law’s identify. Is it legally viable, and what’s the process to do it? Additionally, what are the fees concerned in such a process?


Primarily based on the details supplied to us, because the husband’s undivided curiosity within the flat is required to be transferred to the US-based sister-in legislation, such that each the sisters personal the flat, both a present deed or launch deed shall be required to be executed by the husband in favour of the sister-in-law. As there is no such thing as a consideration paid, a switch or sale deed can’t be executed. For the reward deed or launch deed to be legally legitimate, it’s essential that it’s registered with the sub-registrar of assurances having applicable jurisdiction.

You might also observe that primarily based on the provisions of the stamp act as relevant to the involved state the place the flat is located, it’s doable that the stamp responsibility quantity payable on the reward deed or launch deed shall be primarily based available on the market worth of the flat.

Aradhana Bhansali is companion, Rajani Associates. Queries at mintmoney@livemint.com

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