NCLAT reserves orders in Raheja Developer’s insolvency case

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has reserved its order in the Raheja Developer’s insolvency case.

Navin Raheja, chairman and managing director of the company, had appealed against the NCLT order which triggered the corporate insolvency resolution proceedings (CIRP) against it in August 2019.

The court ordered Jitesh Gupta, the interim resolution professional, to not make any publication calling for claims and to not constitute committee of creditors.

NCLAT allowed Raheja to negotiate the matter with home buyers to reach any settlement.

The buyer had filed a plea stating that he had booked an apartment in Raheja’s Sampada in August 2012 for Rs 86.62 lakh. The project was to be delivered in August 2015 but the builder failed to do so. The buyer further pleaded that the builder was to apply for water connections within 15 days and till then portable water through tankers was required to be supplied to the residents, which has not been the case.

Raheja in its plea said that there is no default on part of the corporate debtor. The delay was on part of the authorities as till date water and sewer line has not been provided.

NCLT however admitted buyer’s petition and initiated CIRP against Raheja Developers under Section 7 of the Insolvency and Bankruptcy Code 2016.


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