India  |  Real Estate Law

Legal Question

Asked on: 8/06/13, 12:02 am

Orbit Corporation defaults on 96 crore loans - The Economic Times

http://www.mid-day.com/news/2013/aug/060813-top-builder-gets-notice-over-rs-96-cr-loan-default.htm

Please refer to the above link. I have made an investment at one of the affected projects and have paid over 75% of the purchase price. I do not have an agreement signed as the intention has been that of an investment and a quick sale before possession.

Can you please explain the legal implications of this default for ones who do not yet have agreements signed with the company - the only documentation available between the buyer and the seller is an allotment letter. In such a scenario, can the financial institution claim its security rights on a property for which an agreement is not signed but an allotment letter issued and payments made per the project milestones? Advice appreciated.

Any other legal options available to me?

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