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.

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

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
Real Estate

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..

Next Story
Infrastructure Transport

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..

Next Story
Infrastructure Transport

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..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?