NCLAT Limits Raheja Insolvency Proceedings
26 Nov 2024
2 Min Read
CW Team
The National Company Law Appellate Tribunal (NCLAT) has confined insolvency proceedings against Raheja Developers to its 'Raheja Shilas' project in Gurugram鈥檚 Sector 109. This decision came after flat allottees petitioned for action due to a Rs 112.90 crore default linked to delayed possession. The appellate tribunal directed Raheja Developers to disclose the status of all other ongoing projects, facilitating informed decisions for potential future proceedings.
A three-member NCLAT bench, led by Justice Ashok Bhushan, instructed the Interim Resolution Professional (IRP) to compile claims for 'Raheja Shilas' and prepare a status report. The IRP has been tasked with assisting the company in obtaining the necessary Occupancy Certificate (OC) and completing the project for handover to allottees within the anticipated timeframe of four to eight weeks.
Raheja Developers had appealed to restrict insolvency to the 'Shilas' project, a request supported by flat buyers involved in the petition. However, intervenors argued for extending the insolvency process to other incomplete projects, citing numerous delays and unresolved dues with the Directorate of Town & Country Planning (DTCP).
Previously, the Principal Bench of the National Company Law Tribunal (NCLT) admitted the insolvency plea from over 40 flat buyers of 'Raheja Shilas,' suspending the developer's board and initiating a moratorium under the Insolvency & Bankruptcy Code (IBC). The NCLT found that promised possession dates from 2012-2014 had been repeatedly extended, confirming a debt default through documented acknowledgments.
Insolvency proceedings against Raheja Developers aren鈥檛 new; in 2019, action was initiated for delays in the 'Raheja Sampada' project. However, this was overturned in 2020, with delays attributed to clearance issues beyond the firm鈥檚 control.
The NCLAT has directed the IRP to submit a progress report by January 22, 2025, while stakeholders await resolution of the long-standing issues surrounding Raheja Developers' projects.
The National Company Law Appellate Tribunal (NCLAT) has confined insolvency proceedings against Raheja Developers to its 'Raheja Shilas' project in Gurugram鈥檚 Sector 109. This decision came after flat allottees petitioned for action due to a Rs 112.90 crore default linked to delayed possession. The appellate tribunal directed Raheja Developers to disclose the status of all other ongoing projects, facilitating informed decisions for potential future proceedings.
A three-member NCLAT bench, led by Justice Ashok Bhushan, instructed the Interim Resolution Professional (IRP) to compile claims for 'Raheja Shilas' and prepare a status report. The IRP has been tasked with assisting the company in obtaining the necessary Occupancy Certificate (OC) and completing the project for handover to allottees within the anticipated timeframe of four to eight weeks.
Raheja Developers had appealed to restrict insolvency to the 'Shilas' project, a request supported by flat buyers involved in the petition. However, intervenors argued for extending the insolvency process to other incomplete projects, citing numerous delays and unresolved dues with the Directorate of Town & Country Planning (DTCP).
Previously, the Principal Bench of the National Company Law Tribunal (NCLT) admitted the insolvency plea from over 40 flat buyers of 'Raheja Shilas,' suspending the developer's board and initiating a moratorium under the Insolvency & Bankruptcy Code (IBC). The NCLT found that promised possession dates from 2012-2014 had been repeatedly extended, confirming a debt default through documented acknowledgments.
Insolvency proceedings against Raheja Developers aren鈥檛 new; in 2019, action was initiated for delays in the 'Raheja Sampada' project. However, this was overturned in 2020, with delays attributed to clearance issues beyond the firm鈥檚 control.
The NCLAT has directed the IRP to submit a progress report by January 22, 2025, while stakeholders await resolution of the long-standing issues surrounding Raheja Developers' projects.
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