Tag: National Company Law Tribunal (NCLT)

Latest StoriesRegulatory

NCLT Admits Insolvency Case from 176 Raheja Revanta Buyers

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…

Latest StoriesRera

MahaRERA Dues Recovery Stalls Despite Efforts by Officers

PUNE: The Maharashtra government’s effort to expedite the recovery of dues for distressed homebuyers is facing significant challenges. Despite assigning dedicated revenue recovery officers in critical districts five months ago, collections have only marginally increased by Rs10 crore. According to data from the Maharashtra Real Estate Regulatory Authority (MahaRERA), total recoveries rose from Rs270 crore in December 2025 to roughly Rs280 crore now. This slow progress continues despite a state mandate urging faster enforcement of recovery warrants. Concerns over the slow pace of recovery are amplified by the scale of the defaults. Since its launch in May 2017, MahaRERA has…

Latest StoriesRegulatory

NCLAT Delays Hearing on Vedanta’s Adani Bid Challenge

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has postponed its hearing regarding Vedanta Group’s challenges against the selection of Adani Enterprises’ bid for the financially troubled Jaiprakash Associates Ltd (JAL) until April 16. The case will be reviewed on Thursday, following a change in the bench composition due to one member’s unavailability. The tribunal was expected to conclude arguments from Vedanta’s legal team, after which lenders and the resolution professional would present their cases. However, the NCLAT decided to defer proceedings after discussions with the involved parties. Last Friday, Vedanta raised concerns about the evaluation criteria used by…

Latest StoriesRegulatory

Vedanta Challenges NCLT Approval of Adani’s Jaiprakash Bid

NEW DELHI: The Vedanta Group, a major business conglomerate, has approached the National Company Law Appellate Tribunal (NCLAT), disputing the approval given by the NCLT to the Adani Group’s bid for acquiring Jaiprakash Associates Ltd for ₹14,535 crore. Led by Anil Agarwal, Vedanta was also contending for the acquisition of Jaiprakash Associates Ltd (JAL) via an insolvency procedure. However, in November last year, lenders approved Adani Enterprises Ltd’s resolution plan. On March 17, the Allahabad bench of the National Company Law Tribunal (NCLT) officially sanctioned Adani Enterprises Ltd’s ₹14,535 crore bid for JAL during the insolvency proceedings. JAL announced in…

Latest StoriesResidential

Supertech hands over 6,000 flats; 15,000 buyers still waiting

NEW DELHI: Supertech Ltd, a real estate firm facing insolvency issues, has handed over 6,121 apartments to its customers in the past three years across various housing projects, as stated by RK Arora, a former director of the distressed company. This delivery includes units across 16 ongoing projects managed by the previous leadership, under the oversight of a resolution professional appointed by the National Company Law Tribunal (NCLT). On March 25, 2022, the NCLT initiated the Corporate Insolvency Resolution Process (CIRP) for Supertech Ltd. The promoters subsequently appealed to the National Company Law Appellate Tribunal (NCLAT). In a ruling from…