+
NCLT greenlights Ace Infracity's 3C Homes resolution plan
Real Estate

NCLT greenlights Ace Infracity's 3C Homes resolution plan

Ace Infracity Developers' resolution plan for the financially troubled 3C Homes has been approved by the National Company Law Tribunal (NCLT). The NCLT bench noted that the Committee of Creditors (CoC) had approved the resolution plan with 100% votes and stated that it could not interfere with the commercial wisdom of the lenders.

Previously, the NCLT had denied approval due to opposition from some of the allottees. The matter was challenged in the appellate tribunal NCLAT, which sent it back with certain directions.

The resolution plan includes offering 100 percent of the principal of farmer's compensation (Rs 710.66 million), which is part of the agreed payment of Rs 1.73 billion to the Yamuna Expressway Industrial Development Authority (YEIDA).

In a 27-page order, the NCLT expressed satisfaction that the resolution plan adequately addressed the objections raised by the NCLT regarding dues to YEIDA and the acquisition of land.

Additionally, under the resolution plan, allottees will receive possession of 512 residential plots in the "Lotus City" project, valued at Rs 2.11 billion once they are developed.

The resolution plan has a duration of 24 months, during which the plots will be developed and delivered to the allottees. The Monitoring Committee will continue until the closing date, and the resolution applicant will obtain a RERA re-registration to complete the work.

A two-member NCLT bench, while approving the plan, stated that they were satisfied that the resolution plan complied with the provisions of the Insolvency & Bankruptcy Code (IBC) and regulations of the IBBI.

The application for approval of the resolution plan was allowed, and a two-member NCLT bench approved the resolution plan of Rs 1.40 billion.

Also read:
Bombay HC refuses to defer demolition of Jogeshwari structures
Ahluwalia Contracts surges 10% after securing Rs 4.27 bn work order


Ace Infracity Developers' resolution plan for the financially troubled 3C Homes has been approved by the National Company Law Tribunal (NCLT). The NCLT bench noted that the Committee of Creditors (CoC) had approved the resolution plan with 100% votes and stated that it could not interfere with the commercial wisdom of the lenders. Previously, the NCLT had denied approval due to opposition from some of the allottees. The matter was challenged in the appellate tribunal NCLAT, which sent it back with certain directions. The resolution plan includes offering 100 percent of the principal of farmer's compensation (Rs 710.66 million), which is part of the agreed payment of Rs 1.73 billion to the Yamuna Expressway Industrial Development Authority (YEIDA). In a 27-page order, the NCLT expressed satisfaction that the resolution plan adequately addressed the objections raised by the NCLT regarding dues to YEIDA and the acquisition of land. Additionally, under the resolution plan, allottees will receive possession of 512 residential plots in the Lotus City project, valued at Rs 2.11 billion once they are developed. The resolution plan has a duration of 24 months, during which the plots will be developed and delivered to the allottees. The Monitoring Committee will continue until the closing date, and the resolution applicant will obtain a RERA re-registration to complete the work. A two-member NCLT bench, while approving the plan, stated that they were satisfied that the resolution plan complied with the provisions of the Insolvency & Bankruptcy Code (IBC) and regulations of the IBBI. The application for approval of the resolution plan was allowed, and a two-member NCLT bench approved the resolution plan of Rs 1.40 billion. Also read: Bombay HC refuses to defer demolition of Jogeshwari structures Ahluwalia Contracts surges 10% after securing Rs 4.27 bn work order

Next Story
Real Estate

MoHUA Sanctions 1.47 Lakh Additional Houses Under PMAY-U 2.0

In a major push towards the Government’s Housing for All mission, the Ministry of Housing and Urban Affairs (MoHUA) has approved 1,46,582 additional pucca houses under Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) for 14 States/UTs, bringing total sanctions under the revamped scheme to 8.56 lakh.The decision came during the fourth meeting of the Central Sanctioning and Monitoring Committee (CSMC), chaired by Srinivas Katikithala, Secretary, MoHUA, at the Ministry’s Kasturba Gandhi Marg office. Senior officials, State Principal Secretaries, and PMAY-U Mission Directors participated ..

Next Story
Real Estate

Piyush Goyal Inaugurates Expanded ISA Building at Intellectual Property Office

Union Minister of Commerce and Industry, Piyush Goyal, today inaugurated the newly expanded International Searching Authority (ISA) building at the Intellectual Property Office (IPO) in Dwarka, New Delhi, marking a major step forward in India’s intellectual property ecosystem.Addressing the gathering, Goyal highlighted that innovation has been central to India’s heritage for centuries, citing the engineering brilliance of the Konark Temple as a historic example. He emphasised that innovation is not just intellectual property but a symbol of sovereignty, and a key driver in India’s journe..

Next Story
Real Estate

SIEGER Boosts Automation in Mumbai Realty

SIEGER, a leading automation solutions provider, is expanding its advanced manufacturing capabilities to meet the surging demand for precision, high-speed automation in Mumbai’s rapidly growing real estate sector.Operating from a 21,000 m² advanced production hub in Coimbatore—part of a 40,000 m² integrated campus—SIEGER offers complete solutions from design and prototyping to manufacturing and deployment. The fully digitalised facility features CNC machining, QR-coded component tracking, conveyorized powder coating, and a Government of India–certified R&D centre, ensuring unmatc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?