NEW DELHI: The National Company Law Tribunal has directed to initiate insolvency proceedings against realty firm Raheja Developers on a petition filed by flat allottees of its Gurgaon-based Shilas project. The NCLT said Raheja Developers has a "debt due and default" against the flat allottees, who had made their payments and delivery of the units was not on time and referred it for Corporate Insolvency Resolution Process (CIRP). "The Application bearing.
.. filed by the Applicants under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating CIRP against Raheja Developers Ltd is, hereby, admitted," the NCLT said.
A two-member NCLT bench, comprising its President Justice Ramalingam Sudhakar and AK Srivastava, has also appointed Manindra K Tiwari as the Interim Resolution Professional for Raheja Developers. "There is a default on the part of the CD (corporate debtor), in terms of nonpayment of the debt due (delivery of the units) against the amount raised from them under the real estate project when the debt has become due and payable," said the NCLT. Further, possession was to be given in the year 2012-2014 with a grace period of 6 months.
However, it was extended further. This debt has been acknowledged via various emails, and the default is continuing, it said. The matter relates to the Raheja Shilas project located at Sector 109, Gurugram, Haryana.
Over 40 flat buyers have claimed a default of Rs 112.90 crore against the realty firm. The petitioners had submitted.