Business Park Town Planners (BPTP), which first made headlines in 2008 being the highest bidder for a Noida property out beating giants like DLF has been in the news for a few years now after being accused of delay in handing over the possession by its various home buyers. Here’s a timeline of events of the builder company:
·24 December 2011- A non-bailable warrant was issued against the BPTP managing director Kabul Chawla by the Patiala House Court after a case was registered against the company for criminal breach of trust, cheating, fraud and criminal misappropriation of Rs. 40 lakh.
·April 2016- A Delhi court asked the police to register a case against BPTP in an order given while hearing a revision petition filed by a Ghaziabad resident over a plot measuring around 350 square meters in Parklands, Faridabad.
·29 February 2018- Nearly 2000 defense officers had filed a petition against BPTP project in Gurgaon which was heard on 29 Feb 2018 by the National Consumer Disputes Redressal Commission.
·September 2018- The Panchkula bench of Haryana Real Estate Regulatory Authority (HRERA) ordered against BPTP that it cannot escape its jurisdiction even if completion certificate was issued to it before the RERA rules were framed.
·July 2019- Homebuyers agitating over non-completion of BPTP project ‘BPTP Park Spacio’. The project was promised to be completed within 36 months in 2010, however, it stands incomplete till date.
As per the home buyers, repeated requests have been made to the builder to share the plan and realistic timelines but it has fallen on deaf ears. The aggrieved home buyers have taken various actions against BPTP, from filing a civil suit to approaching RERA, but the wait for justice has not come to an end yet.
Taking into account the hardships of the homebuyers and various complaints being filed against builders, the judiciary is also taking strict measures to help the distressed home buyers. In a landmark judgment, the Supreme Court of India has upheld the constitutional validity of section 5(8) (f) of the Insolvency & Bankruptcy Code which gives the right to the home buyers to approach the National Company Law Tribunal (NCLT) as ‘financial creditors’. As per this section, the home buyers can approach NCLT as the financial creditors of a defaulter builder company to start insolvency proceedings against the company.