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.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Infrastructure Energy

06 Apr 2026

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

Real Estate

06 Apr 2026

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..