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The Yamuna Expressway Industrial Development Authority (YEIDA) has withdrawn its appeal before the National Company Law Appellate Tribunal (NCLAT) against an NCLT order approving Ace Infracity's bid for Three C Homes.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 The appeal is permitted to be withdrawn with liberty to revive."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

India’s Maha Kumbh of Road Construction

The RAHSTA Forum 2025, held on June 25 at Courtyard by Marriott, Mumbai, delivered powerful insights and dialogue on the future of India’s roads and highways sector. Organised by the FIRST Construction Council, the Forum served as the curtain-raiser to the much-anticipated RAHSTA Expo 2025, set to take place on 3rd and 4th September at the Jio Convention Centre, Mumbai.Union Minister of Roads Transport & Highways Shri Nitin Gadkari, while appreciating the efforts of FIRST Construction Council and ASAPP Info Global Group, commended the awards which recognise excellence across various..

Next Story
Real Estate

Built to Last, Designed to Impress

The construction and interior design industries stand at the confluence of functionality and aesthetics, where innovation powers the creation of enduring structures and inspiring spaces. At the heart of this process are materials and solutions that enable architects, designers, and builders to realise their visions with precision and reliability.Featuring iconic brands such as Fevicol—synonymous with adhesive solutions—Dr. Fixit, a complete waterproofing system renowned for addressing every critical area of construction, and Roff, a specialist in tile-fixing solutions, Pidilite has earned ..

Next Story
Infrastructure Energy

New Push to Cut India’s Air Pollution through Power Sector Reforms

In a significant stride toward environmental sustainability, Cummins India introduced CPCB IV+ compliant gensets to India on July 5, 2023, marking a paradigm shift in the power generation industry. These generators are engineered to adhere to the progressive emission norms set by the Ministry of Environment, Forest, and Climate Change. Being the first sets in the field, they have garnered praise for their remarkable achievements in emissions reduction and cutting-edge technology. Powerica, with its four-decade-long partnership with Cummins India Limited, is dedicated to consistently deliver th..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?