GURUGRAM: The principal bench of the National Company Law Tribunal (NCLT) has admitted an insolvency petition from 176 homebuyers of Raheja Developers’ Revanta project in Sector 78. The tribunal found a prima facie case of default, noting the developer failed to deliver possession despite significant payments made by the allottees.
The petition was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Surinder Aggarwal and 175 other allottees who collectively hold 99 units in the luxury residential project. They reported that they had paid over Rs 137 crore for their flats, with many having settled up to 95% of the total sale price. Nonetheless, possession has been pending for years past the promised delivery date, without any compensation for the delays.
Raheja Developers launched the Revanta project in 2011, committing to deliver possession within 36 months for independent floors and 48 months for high-rise towers. The completion date, declared to the Haryana Real Estate Regulatory Authority (HRera), was set for July 31, 2022. In its June 8 order, the tribunal noted that the company had entered into agreements with several allottees acknowledging the delays and promising compensation and possession by revised timelines—commitments that reportedly have not been fulfilled.
The homebuyers also referenced adverse findings from HRera, which had directed the developer to issue refunds and interest in certain cases. They alleged that Raheja Developers did not comply with these regulatory orders, further compounding their grievances.
In response, Raheja Developers challenged the petition, attributing the delays to factors beyond their control, such as lack of external infrastructure (roads, sewerage, water supply, and electricity), pending approvals for high-tension power lines, and ongoing legal disputes regarding sector roads. The company defended its position by asserting that it still had the financial capacity to complete the project, which they indicated is nearing completion.
The NCLT’s decision to move forward with the Revanta petition followed clarification from the National Company Law Appellate Tribunal (NCLAT), allowing allottees of various Raheja projects to pursue separate insolvency proceedings. The NCLT had previously postponed the matter pending resolution of legal questions surrounding this issue, but once resolved, was able to evaluate the Revanta case on its individual merits.
This order represents a significant step in the ongoing dispute between Raheja Developers and homebuyers across multiple projects in the area, with insolvency proceedings already initiated for other developments by the company.
