NCLAT Limits Raheja Insolvency Proceedings

26 Nov 2024 CW Team

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’t 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’s 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’s 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’t 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’s 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.

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..

Infrastructure Transport

02 Apr 2026

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..

Technology

02 Apr 2026

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 ..