NCLAT Limits Insolvency to One Project

27 Nov 2024 CW Team

In a significant ruling, the National Company Law Appellate Tribunal (NCLAT) has confined the insolvency proceedings against Raheja Developers to a single project, Raheja Shilas in Sector 109, Gurugram. The appellate tribunal's three-member bench, led by Justice Ashok Bhushan, directed that the Interim Resolution Professional (IRP) collate claims and submit a detailed status report on the project.

The decision came in response to a petition by Navin Raheja, Chairman of the suspended board, challenging an earlier National Company Law Tribunal (NCLT) order that initiated Corporate Insolvency Resolution Proceedings (CIRP) for the entire company. The NCLAT limited insolvency proceedings to Raheja Shilas following requests from flat buyers and the developer.

Raheja Developers assured the tribunal that an Occupancy Certificate (OC) for the project is expected within 4 to 8 weeks, addressing one of the primary concerns raised by the petitioners. The IRP has been instructed to assist in securing the OC and completing the necessary works to ensure the project’s handover to allottees.

The case stems from complaints by over 40 flat buyers who cited a payment default of ?112.90 crore due to delayed possession, which was initially promised between 2012 and 2014. The NCLT admitted their plea earlier this week and directed the CIRP's progress report submission by January 22, 2025.

This isn’t the first time Raheja Developers has faced insolvency proceedings. A similar case involving the Raheja Sampada project in 2019 was set aside in 2020, as delays were attributed to the absence of requisite clearances. However, the ongoing scrutiny highlights persistent challenges in the timely delivery of residential projects.

The latest NCLAT decision provides temporary relief to Raheja Developers but underscores the need for improved project management and transparency to restore buyer confidence.

Real Estate

02 Apr 2026

Indian real estate attracts USD 1.4 bn institutional investments in Q1 2026: Vestian

Institutional investments in India’s real estate sector touched USD 1.4 billion in Q1 2026, marking the highest first-quarter inflow since 2022, according to Vestian. While investments fell 62 per cent quarter-on-quarter due to an exceptionally high base in the previous quarter, they rose 74 per cent compared to the same period last year, reflecting sustained investor confidence despite rising geopolitical and macroeconomic challenges.Commercial real estate remained the key driver of investment activity during the quarter, accounting for 80 per cent of total inflows, sharply higher than 38 p..

VECV crosses 1 lakh annual vehicle sales milestone in FY26

VE Commercial Vehicles (VECV), a joint venture between Volvo Group and Eicher Motors, has surpassed the 1 lakh annual sales mark in FY 2025–26, recording its highest-ever commercial vehicle sales performance. The company said it sold more than 100,000 vehicles during the year, marking a major milestone aligned with the original vision of the Volvo–Eicher joint venture.The strong performance was supported by demand across categories. Light and Medium Duty (LMD) trucks contributed 47,789 units, accounting for 46.1 per cent of total sales. Heavy Duty (HD) trucks recorded 26,867 units (25.9 pe..

Rodic Digital & Advisory partners SatSure to deploy EO intelligence in public sector

Rodic Digital & Advisory (RDA), the strategic advisory and digital transformation arm of Rodic Consultants, has signed a strategic cooperation Memorandum of Understanding (MoU) with SatSure to jointly pursue opportunities in India’s public sector. The collaboration aims to integrate high-resolution Earth Observation (EO) data and geospatial AI into government workflows to strengthen monitoring, compliance, and operational decision-making across key sectors.The partnership combines SatSure’s Earth intelligence capabilities with RDA’s expertise in government digital transformation and ..