$NCLT greenlights Ace Infracity's 3C Homes resolution plan$

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.

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