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.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

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

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Infrastructure Urban

07 Jul 2026

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..