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.

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