Relief for Buyers as NCLT Approves Withdrawal of Insolvency

31 May 2023 CW Team

An approximately ten-year wait for over 800 individuals who purchased flats in Sidhartha Estella in Sector 103 and Sidhartha NCR One/Greens in Sector 95 is likely to come to an end soon.

In an order dated 24th May, the New Delhi bench of the National Company Law Tribunal (NCLT) approved the withdrawal of insolvency proceedings against the developer, Sidhartha Buildhome, and directed the establishment of a committee chaired by a Supreme Court judge within two weeks to oversee the timely completion of the projects. The appointment of the Supreme Court judge will receive final approval from the NCLT.

The order stated that the developer must hand over flats to the buyers in Sidhartha NCR One/Greens within six months and to the buyers in Sidhartha Estella within twelve months.

The projects were launched in 2010-11 and were initially scheduled for completion in 2014-15. By 2014, when construction came to a halt, most homebuyers had already paid over 95% of the flat costs.

Siddhartha Buildhome entered insolvency in March 2021. After two years of legal proceedings, the developer recently proposed a plan to finish the projects, which the NCLT approved in the order dated 24th May.

In the order, NCLT technical member Atul Chaturvedi and NCLT judicial member Bachu Venkat Balram Das stated, "We have reached the considered opinion that the resolution professional made an error and followed an incorrect method in vote counting. Therefore, we approve the developer's withdrawal proposal."

The order clarified that homebuyers are regarded as a single category for all purposes, whether it is for the approval of the resolution plan or for passing a resolution under Section 12A of the Insolvency and Bankruptcy Code, 2016.

Also Read
Punjab DGP inaugurates solar power plants at 13 police stations
Vizhinjam Port receives Rs 20 billion loan from HUDCO

Resources

09 Mar 2026

Haworth India Hosts Women’s Leadership Panel Series

Haworth India marked International Women’s Day by hosting a leadership roundtable series titled ‘Give to Gain’, bringing together senior women leaders from architecture and design firms, corporates and project management consultancies. The series has been conducted in Delhi and Mumbai, with upcoming sessions scheduled in Bengaluru and Hyderabad on 27 March 2026. Structured as moderated panel discussions followed by audience interaction, the initiative examined the business impact of women’s leadership and the role of inclusive workplaces in supporting professional growth. Manish Khan..

Max Estates Secures RERA For Max One Project

Max Estates has secured RERA approval (UPRERA No.: UPRERAPRJ9759) for its Max One development around Max Towers in Sector 16B, Noida, bringing renewed progress to a project previously stalled following the insolvency of its earlier developer. Spread across around 10 acres with an estimated development potential of about 2.5 million sq ft, Max One is planned as an integrated mixed-use campus combining serviced residences, premium offices, retail spaces and a private club. The project is expected to generate total sales potential of about Rs 20 billion along with an estimated annuity rental inc..

Hindware Introduces Starc Smart Wall Mount Toilet

Hindware has introduced the Starc Smart Wall-Mount Toilet under its Hindware Italian Collection, designed to combine automation, hygiene and contemporary bathroom aesthetics. The model features automatic flushing, sensor-based seat opening and closing, and remote-controlled functions. It also includes an oscillating water spray and warm air dryer for cleaning, along with a self-cleaning nozzle designed to maintain hygiene. Additional features include adjustable heated seating, customisable water temperature and pressure settings, a foot-touch flush system and an LCD control interface. The wa..