YEIDA withdraws appeal against Ace Infracity's Three C Homes bid
Real Estate

YEIDA withdraws appeal against Ace Infracity's Three C Homes bid

The Yamuna Expressway Industrial Development Authority (YEIDA) has withdrawn its appeal before the National Company Law Appellate Tribunal (NCLAT) against an NCLT order approving Ace Infracity's bid for Three C Homes. This decision follows YEIDA's acceptance of Ace Infracity Developers' proposal to compensate farmers and the subsequent request to NCLAT to withdraw the appeal. Both YEIDA and Ace Infracity were in talks for a settlement while the matter was pending before NCLAT.

On July 4, 2024, YEIDA presented a proposal to compensate farmers, which Ace Infracity accepted during the NCLAT hearing. NCLAT noted, "In view of the acceptance of the proposal by the SRA (Ace Infracity), the appellant (YEIDA) is not to proceed with its appeal subject to compliance with the conditions as indicated in the communication dated July 4, 2024, which has been given to counsel for the SRA." NCLAT further stated, "Recording the aforesaid, we are of the view that no useful purpose shall be served in continuing with the appeals. The appeal is permitted to be withdrawn with liberty to revive."

As per the settlement, Ace Infracity will pay compensation to the farmers. The allotment of land was initially cancelled by YEIDA in January 2021, which was challenged by Three C Homes' resolution professional Gaurav Katiyar before NCLT. NCLT restored the land allotment in January 2023 and subsequently approved Ace Infracity's resolution plan in June 2023. While approving Ace Infracity's bid, NCLT did not entertain YEIDA's objections and deemed the Rs 670 million being brought in by the corporate debtor sufficient to settle their dues. YEIDA then challenged this NCLT order at NCLAT.

The Corporate Insolvency Resolution Process (CIRP) against Three C Homes began in September 2019. On June 13, 2023, NCLT approved Ace Infracity's Rs 1.4 billion resolution plan. The fair value of the Corporate Debtor (Three C Homes) was Rs 6 billion, and the liquidation value was Rs 4.8 billion as per Form-H filed with the application. NCLT highlighted that Ace Infracity's bid had been approved by the Committee of Creditors (CoC) with 100% votes, emphasising that it could not "interfere with the commercial wisdom" of the lenders. However, this decision was contested by YEIDA at NCLAT.

(Source: ET & PTI)

The Yamuna Expressway Industrial Development Authority (YEIDA) has withdrawn its appeal before the National Company Law Appellate Tribunal (NCLAT) against an NCLT order approving Ace Infracity's bid for Three C Homes. This decision follows YEIDA's acceptance of Ace Infracity Developers' proposal to compensate farmers and the subsequent request to NCLAT to withdraw the appeal. Both YEIDA and Ace Infracity were in talks for a settlement while the matter was pending before NCLAT. On July 4, 2024, YEIDA presented a proposal to compensate farmers, which Ace Infracity accepted during the NCLAT hearing. NCLAT noted, In view of the acceptance of the proposal by the SRA (Ace Infracity), the appellant (YEIDA) is not to proceed with its appeal subject to compliance with the conditions as indicated in the communication dated July 4, 2024, which has been given to counsel for the SRA. NCLAT further stated, Recording the aforesaid, we are of the view that no useful purpose shall be served in continuing with the appeals. The appeal is permitted to be withdrawn with liberty to revive. As per the settlement, Ace Infracity will pay compensation to the farmers. The allotment of land was initially cancelled by YEIDA in January 2021, which was challenged by Three C Homes' resolution professional Gaurav Katiyar before NCLT. NCLT restored the land allotment in January 2023 and subsequently approved Ace Infracity's resolution plan in June 2023. While approving Ace Infracity's bid, NCLT did not entertain YEIDA's objections and deemed the Rs 670 million being brought in by the corporate debtor sufficient to settle their dues. YEIDA then challenged this NCLT order at NCLAT. The Corporate Insolvency Resolution Process (CIRP) against Three C Homes began in September 2019. On June 13, 2023, NCLT approved Ace Infracity's Rs 1.4 billion resolution plan. The fair value of the Corporate Debtor (Three C Homes) was Rs 6 billion, and the liquidation value was Rs 4.8 billion as per Form-H filed with the application. NCLT highlighted that Ace Infracity's bid had been approved by the Committee of Creditors (CoC) with 100% votes, emphasising that it could not interfere with the commercial wisdom of the lenders. However, this decision was contested by YEIDA at NCLAT. (Source: ET & PTI)

Next Story
Infrastructure Urban

Gurugram to Launch Real-Time Waste Collection App in August

The Municipal Corporation of Gurugram (MCG) plans to introduce an app in August that will provide residents with real-time information about waste collection services. Developed by a private firm, the app will allow residents to track the live location of waste collection vehicles, receive updates on expected arrival times, and monitor the vehicles' proximity to their homes. A research team from a private university in Gurugram has been tasked with identifying features to enhance the app's efficiency and transparency in waste management. Their findings, expected within 15 days, will be reviewe..

Next Story
Infrastructure Transport

South India's First Double-Decker Flyover Opens for Trial Run

South India's first double-decker rail-cum-road flyover was partially opened for a trial run officials announced. Deputy Chief Minister and Bengaluru Development Minister D. K. Shivakumar conducted a 'trial walk' on the newly built flyover, which extends from Ragigudda to Central Silk Board and forms part of the Yellow Line of the Bengaluru Metro. Transport Minister Ramalinga Reddy and other officials also participated in the event. Constructed by the Bangalore Metro Rail Corporation Limited (BMRCL) at a cost of Rs 4.49 billion, the flyover is currently open for vehicular movement on only one ..

Next Story
Infrastructure Transport

GMDA to Reconstruct Key Gurugram Road and Build Flyover

The Gurugram Metropolitan Development Authority (GMDA) announced plans to reconstruct a major master sector dividing road from the Dwarka Expressway junction with Sector 86 Road to IMT Manesar at a cost of ?600 million. This road, currently in severe disrepair, will pass through Sectors 84/88, 85/89, 86/90, and 87/92. Additionally, GMDA will build a ?590 million flyover at Dadi Sati Chowk in Sector 86. "The road will be reconstructed similar to Rampura Road, and the tender for this has been floated," stated Arun Dhankhar, GMDA's chief engineer. Special repairs for major roads across Gurugram a..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000