Raheja Developers from NCR under Insolvency; Home-buyers Asked To Submit Claims
Moneylife Digital Team 09 September 2019
The National Company Law Tribunal (NCLT) has begun insolvency proceeding against real estate company Raheja Developers Ltd from the National Capital Region (NCR). As a part of the process, a public notice has been issued informing creditors to submit their claims against the NCR-based developer.
 
The NCLT admitted and initiated the insolvency proceedings following a plea by one of the flat-buyers last month. An interim resolution professional (IRP) has also been appointed by the bankruptcy court to take over the Raheja Developer’s management.
 
Besides, the NCLT has declared a moratorium, protecting the company from lenders by restricting them from recovering the amount for a certain period. It has directed the previous management to provide all relevant documents in their possession and furnish all information.
 
This comes after Raheja Developers failed to fulfil a flat-buyer's agreement according to which they were to deliver possession of flats within a period of 36 months from 3 August 2012, when it had issued a joint allotment letter.
 
The NCLT observed that the 36-month period came to an end on 3 August 2015, and the construction was not completed.
 
Homebuyers, who have been allotted flat by Raheja Developers in NCR region, can approach any of the three IRPs, Mukul Kumar, Parveen Kumar Garg and Alok Kumar Kuchhal. (see image below for more details)
 
Comments
gcmbinty
7 years ago
How Rahejas' have claimed insolvency? What about the diversion of investors' (property buyers') money that these people might have indulged in? Their reserves and the assets as on the date the project was announced and the stage at which they are seeking insolvency should be declared.
Astrologer Siddhartha Goell
Replied to gcmbinty comment 7 years ago
Haripada bera
7 years ago
Ok
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