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Informist, Thursday, Nov. 21, 2024

 

NEW DELHI – The National Company Law Appellate Tribunal on Thursday passed an interim order limiting the insolvency proceedings against Raheja Developers Ltd. to only one project – the Raheja Shilas project in Gurugram in Haryana. The appellate tribunal stayed the insolvency proceedings against Raheja Developers as a whole.

 

The appellate tribunal directed the interim resolution professional of the company to give a plan for the delivery of homes in the Raheja Shilas project to allottees. The appellate tribunal asked the interim resolution professional to suggest the steps needed to obtain the occupancy certificate for the Raheja Shilas project. 

 

The appellate tribunal also directed Raheja Developers to file an affidavit regarding the status of other projects. The appellate tribunal clarified that the order is ad interim and it will be reconsidered in January based on filings by parties and findings of the interim resolution professional.

 

The Delhi bench of the National Company Law Tribunal had on Tuesday admitted a petition by allottees of the Raheja Shilas project to start insolvency proceedings against Raheja Developers.

 

The allottees said though the company had committed to hand over the possession of units within two years, with a grace period of six months, it has failed to give possession even within the extended time. The total number of units in the project was 94 and the total amount of debt was INR 1.13 billion, the allottees said.

 

Challenging the insolvency admission by the tribunal, Raheja Developers moved the appellate tribunal. The counsel for Raheja said that the company had overall 40 projects and 8 projects were under construction. On the Shilas project, the counsel said that while construction was complete, units could not be handed over due to the non-issuance of occupancy certificates by the Director of Town and Country Planning. The occupancy certificates have not been issued as the electricity department has not issued a no-objection certificate.  End

 

Reported by Surya Tripathi

Edited by Saji George Titus

 

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