Raheja Developers appeals to NCLAT over insolvency case in Gurugram
Real Estate

Raheja Developers appeals to NCLAT over insolvency case in Gurugram

Raheja Developers has approached the appellate tribunal, NCLAT, to contest the initiation of insolvency proceedings against the company. This action follows the National Company Law Tribunal's (NCLT) admission of a plea by more than 40 flat allottees related to the Shilas project in Sector 109, Gurugram. The allottees had alleged defaults in delivery.

The NCLT directed the commencement of the Corporate Insolvency Resolution Process (CIRP) for Raheja Developers. As part of this process, the tribunal appointed an Interim Resolution Professional (IRP), suspended the company's board, and placed it under a moratorium to shield it from lenders, in accordance with the Insolvency & Bankruptcy Code.

Additionally, the NCLT instructed the IRP to submit a progress report on the CIRP by January 22, 2025. This order has been challenged by Navin Raheja, Chairman and Managing Director of the suspended board, before the NCLAT.

Raheja's petition was presented before an NCLAT bench led by Justice Rakesh Kumar Jain. The tribunal directed that the matter be listed for hearing on Thursday.

The case pertains to the Shilas project in Sector 109, Gurugram, where flat buyers have claimed a default of Rs 1.12 billion by Raheja Developers. The NCLT, in its order, stated that the company had a ‘debt due and default’ against the flat allottees, who had made payments but had not received possession of their units on time. The tribunal noted that the company had failed to deliver units within the agreed timeline and referred the matter to CIRP.

The NCLT further highlighted in its 29-page order that possession of the units was initially scheduled between 2012 and 2014, with a six-month grace period. However, the deadline was repeatedly extended. The tribunal added that the debt had been acknowledged through emails, and the default was on-going.

Raheja Developers has approached the appellate tribunal, NCLAT, to contest the initiation of insolvency proceedings against the company. This action follows the National Company Law Tribunal's (NCLT) admission of a plea by more than 40 flat allottees related to the Shilas project in Sector 109, Gurugram. The allottees had alleged defaults in delivery. The NCLT directed the commencement of the Corporate Insolvency Resolution Process (CIRP) for Raheja Developers. As part of this process, the tribunal appointed an Interim Resolution Professional (IRP), suspended the company's board, and placed it under a moratorium to shield it from lenders, in accordance with the Insolvency & Bankruptcy Code. Additionally, the NCLT instructed the IRP to submit a progress report on the CIRP by January 22, 2025. This order has been challenged by Navin Raheja, Chairman and Managing Director of the suspended board, before the NCLAT. Raheja's petition was presented before an NCLAT bench led by Justice Rakesh Kumar Jain. The tribunal directed that the matter be listed for hearing on Thursday. The case pertains to the Shilas project in Sector 109, Gurugram, where flat buyers have claimed a default of Rs 1.12 billion by Raheja Developers. The NCLT, in its order, stated that the company had a ‘debt due and default’ against the flat allottees, who had made payments but had not received possession of their units on time. The tribunal noted that the company had failed to deliver units within the agreed timeline and referred the matter to CIRP. The NCLT further highlighted in its 29-page order that possession of the units was initially scheduled between 2012 and 2014, with a six-month grace period. However, the deadline was repeatedly extended. The tribunal added that the debt had been acknowledged through emails, and the default was on-going.

Next Story
Infrastructure Transport

JNPA Becomes First Indian Port to Cross 10 Million TEU Capacity

The Jawaharlal Nehru Port Authority (JNPA), located at Uran in Navi Mumbai, has become the first port in India to achieve over 10 million TEUs (twenty-foot equivalent units) in container handling capacity.With the recent expansion, the port now operates five container terminals with a combined capacity of 10.4 million TEUs, alongside two liquid and two general cargo terminals.Handling more than half of India’s container traffic, JNPA processed 7.05 million TEUs in 2024 and has moved 15.39 million tonnes of containers and 16.64 million tonnes of total cargo in the first two months of FY 2025â..

Next Story
Infrastructure Transport

Nod for Rs. 36.26 billion Expansion of Pune Metro Line 2

The Union Cabinet has approved the Rs.36.26 billion expansion of Pune Metro Line 2, adding 12.75 km of track and 13 new stations to improve east–west connectivity across the city.The project aims to link Pune’s urban core with rapidly growing suburbs, supporting the city’s rising demand for efficient and sustainable transport solutions. This expansion is part of Corridor 2 of the Pune Metro and includes two key routes: Vanaz to Chandani Chowk (Corridor 2A) and Ramwadi to Wagholi/Vitthalwadi (Corridor 2B).It will connect residential, IT, and educational hubs in areas such as Bavdhan, Koth..

Next Story
Infrastructure Transport

Assembly begins for ‘Nayak’ TBM on Thane– Borivali Twin Tunnel Project

The assembly of ‘Nayak’, the first of four Tunnel Boring Machines (TBMs) for the Thane–Borivali Twin Tube Tunnel Project, has commenced at the Thane site. Built by German firm Herrenknecht AG and deployed by Megha Engineering & Infrastructure (MEIL), the TBM marks a key milestone in Mumbai’s ambitious 11.8-km underground road corridor beneath Sanjay Gandhi National Park.The twin tunnels will reduce the Thane–Borivali travel distance by 12 km and decongest Thane Ghodbunder Road. ‘Nayak’, with a 13.2-metre diameter, is designed to bore through challenging geological conditions ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?