On Tuesday, the Principal Bench of the National Company Law Tribunal (NCLT) admitted a plea filed by over 40 of its flat allottees of Sector 109, Gurugram-based projects and directed to initiate a Corporate Insolvency Resolution Process (CIRP).
Raheja Developers on Wednesday moved before the appellate tribunal NCLAT to challenge the initiation of insolvency proceedings against the realty firm over default on non-delivery of its Gurugram-based Shilas project. On Tuesday, the Principal Bench of the National Company Law Tribunal (NCLT) admitted a plea filed by over 40 of its flat allottees of Sector 109, Gurugram-based projects and directed to initiate a Corporate Insolvency Resolution Process (CIRP). Moreover, the NCLT had also appointed an Interim Resolution Professional (IRP), suspending the board of the realty firm and putting it under the protection of moratorium against lenders, as per the provisions of the Insolvency & Bankruptcy Code.
The NCLT has also directed the IRP to submit a report on the progress of the CIRP by January 22, 2025. The said order has been now challenged by Navin Raheja, Chairman & Managing Director of the suspended board of the realty firm before the National Company Law Appellate Tribunal (NCLAT). Raheja's petition was presented before a three-member NCLAT bench, comprising Justice Rakesh Kumar Jain, which directed it to list on Thursday for a hearing. The matter relates to the Raheja Shilas project located at Sector 109, Gurugram, Haryana, where over 40 flat buyers have claimed a default of Rs 112.90 crore against the realty firm.
On Tuesday, NCLT in its order had said Raheja Developers has a "debt due and default" against the flat allottees, who had made their payments and delivery of the units was not on time and referred it to CIRP. "There is a default on the part of the CD (corporate debtor), in terms of nonpayment of the debt due (delivery of the units) against the amount raised from them under the real estate project when the debt has become due and payable," said the NCLT. The NCLT in its 29-page-long order said possession was to be given in the year 2012-2014 with a grace period of 6 months. However, it was extended further. This debt has been acknowledged via various emails, and the default is continuing, it said.
Read more at: https://realty.economictimes.indiatimes.com/news/industry/gurugram-raheja-developers-moves-nclat-against-insolvency-proceedings/115485217
Source: https://realty.economictimes.indiatimes.com