NCLT greenlights Ace Infracity's 3C Homes resolution plan

19 Jun 2023 CW Team

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

Real Estate

05 Sep 2025

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..