NCLAT Limits Raheja Insolvency Proceedings
Real Estate

NCLAT Limits Raheja Insolvency Proceedings

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.

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.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code