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

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

08 Jul 2024 CW Team

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 The appeal is permitted to be withdrawn with liberty to revive."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The Yamuna Expressway Industrial Development Authority (YEIDA) has withdrawn its appeal before the National Company Law Appellate Tribunal (NCLAT) against an NCLT order approving Ace Infracity's bid for Three C Homes.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)

Infrastructure Urban

02 Jun 2026

VECV Sales Rise 7.8 Per Cent In May 2026

VE Commercial Vehicles recorded sales of 7,978 units in May 2026, compared to 7,401 units in May 2025, registering growth of 7.8 per cent. This included 7,789 units from the Eicher brand and 189 units from the Volvo brand.Eicher branded trucks and buses reported sales of 7,789 units during the month, up 7.3 per cent from 7,258 units a year earlier. In the domestic commercial vehicle market, Eicher sales rose 9.1 per cent to 7,375 units from 6,758 units in May 2025.Exports declined 17.2 per cent to 414 units from 500 units in the corresponding month last year. Volvo Trucks and Volvo Buses recor..

Infrastructure Urban

02 Jun 2026

Table Space Strengthens DESYN Leadership Team

Table Space has announced strategic leadership appointments within DESYN, its integrated Design and Build business, as it looks to strengthen operations across key enterprise and GCC markets in India. DESYN was launched as a strategic extension of Table Space’s workspace solutions portfolio to meet rising demand for agile, high-quality and rapidly deployable enterprise workspaces.Shruti Ookabhoy has joined DESYN as Executive Director and will lead the Design vertical, focusing on design capability, operational excellence and team development across markets. She brings over 22 years of experi..

Infrastructure Transport

02 Jun 2026

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..