Orbit Corporation defaults on 96 crore loans - The Economic Times
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?