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Informist, Monday, Jun. 8, 2026

 

NEW DELHI – The Delhi bench of the National Company Law Tribunal Monday admitted an insolvency petition by a bunch of homebuyers against Raheja Developers Ltd.'s 'Raheja Revanta' project in Gurugram, Haryana. The homebuyers had filed claims of INR 2.12 billion against Raheja Developers for failing to comply with its obligations in delivering possession of the units in the project.

 

The tribunal said that a moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall follow in relation to the project Raheja Revanta. The tribunal appointed Truue IPE LLP as the interim resolution professional of the project to carry out the functions as per the 2016 Code.

 

In April, the National Company Law Appellate Tribunal had confined insolvency proceedings against Raheja Developers Ltd. to only one project – Krishna Housing Scheme – and rejected insolvency proceedings against the entire company. The appellate tribunal has thus recognised the feasibility of undertaking project-specific insolvency resolution in the case of Raheja Developers, having regard to the distinct nature of its real estate projects and the interests of the stakeholders concerned therein, said the Delhi tribunal.

 

In 2011, Raheja Developers had launched its project Raheja Revanta, with representation and promises for the highest standard of living, great amenities, and timely delivery of possession of flats to the allottees. Relying upon these promises, homebuyers expressed their willingness to book units in the project, executed the requisite application forms, and made payments on the subsequent dates. Thereafter, Raheja Developers issued allotment letters in favour of the homebuyers in respect of various units during the period from around 2011 to 2020 and the homebuyers also entered into flat buyers agreement. 

 

The project completion date was for the year 2022. However, Raheja Developers failed to deliver possession of the units even within the extended schedule, said the homebuyers. Raheja Developers said that the construction of the project had progressed as per schedule and that about INR 11.19 billion had been incurred towards it against collections of about INR 8.26 billion from customers. The project had reached the pre-finishing stage, but further finishing work could not be undertaken due to delays on the part of government authorities in providing external services and necessary infrastructure, said the company.  End

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

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