Raheja Developers appeals to NCLAT over insolvency case in Gurugram

21 Nov 2024 CW Team

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.

Real Estate

06 Feb 2026

IGBC Green Karnataka Summit 2026 Highlights State’s Green Leadership

The CII Indian Green Building Council (IGBC) hosted the first IGBC Green Karnataka Summit 2026 in Bengaluru, bringing together government leaders, urban planners, developers, architects and industry stakeholders to deliberate on “Advancing Sustainability vis-à-vis Climate Resilience in Urban Built Karnataka”.Karnataka currently has 1,539 registered green building projects accounting for a cumulative 1.13 billion sq ft of certified green building footprint, ranking third in India by number of buildings adopting IGBC Green Building Ratings. The summit reinforced a collective shift from inte..

MIC Electronics Bags First PAPIS Order from RCF Kapurthala

MIC Electronics has received a Letter of Acceptance (LoA) from Rail Coach Factory (RCF), Kapurthala, for its first order in the Passenger Announcement and Passenger Information System (PAPIS) segment, marking a new addition to the company’s railway electronics portfolio.The order was awarded following successful evaluation of the company’s bid by the competent authority. MIC Electronics said the scope of work will be executed in line with the agreed rate structure, delivery schedules, inspection requirements, warranty provisions and other standard terms and conditions prescribed by RCF.Com..

Prozo Opens 1.5 Lakh Sq Ft Multi-Client Fulfilment Hub

Prozo has launched its largest multi-client fulfilment hub, a 1.5 lakh sq ft enterprise-grade facility at Horizon Industrial Parks, Gurugram, Haryana, strengthening its expanding national warehousing network. The new site is Prozo’s sixth multi-client facility in Haryana and eleventh in Northern India, within a network of over 50 fulfilment centres spanning 3 million sq ft.Designed as a model warehouse for North India, the facility combines high-specification infrastructure with Prozo’s proprietary technology stack to support complex and high-volume operations for enterprise, retail and D2..