Tag: NCLT

IndustryLatest Stories

Noida Authority Installs Notices on Housing Projects for Dues

NOIDA: The Noida Authority has begun placing boards outside housing projects where promoters have not cleared significant land dues and have not applied for the government’s rehabilitation scheme. Images of these boards are being shared on the Authority’s website as part of a strategy aimed at resolving issues with certain builders. The initial board has been set up outside Lotus Panache, a project by Granite Gate Properties currently under insolvency proceedings at the National Company Law Tribunal (NCLT). This initiative has faced strong opposition from residents who argue it breaches the moratorium imposed during the corporate insolvency resolution process (CIRP)…

IndustryLatest Stories

Embassy REIT Denies Sterling Wilson’s ₹100-Crore Claim

Embassy Office Parks REIT has dismissed claims from Sterling Wilson Renewable Energy and Sterling Wilson Pvt Ltd regarding a supposed Rs 100-crore payment owed by Embassy Energy Pvt Ltd (EEPL), a subsidiary of the REIT. In a regulatory filing on Tuesday, the REIT described the allegations as “frivolous, false and vexatious,” noting that several judicial forums have already ruled against them. Embassy REIT stated that the dispute originates from 2018, prior to its public offering and before EEPL became part of the trust. Sterling Wilson alleges that EEPL has not fulfilled its payment obligations. However, both the National Company Law…

IndustryLatest Stories

Valor Estate Might Seek NCLT Review of Lavasa Offer

MUMBAI: Valor Estate is poised to submit a petition to the Mumbai National Company Law Tribunal (NCLT), seeking permission to revise its resolution plan for Lavasa Corp. This move comes after the tribunal recently allowed the Welspun-Ashdan Developers consortium to amend its payment schedule. Valor’s petition follows a week of rapid developments wherein the Welspun-Ashdan consortium emerged as the frontrunner for the takeover due to its modified payment timeline. The committee of creditors voted on three resolution plans, including one from the Yogayatan Group, on Wednesday. During a hearing regarding another application submitted by Anuj Goyal, Valor’s legal team raised…

Latest StoriesRegulatory

Welspun Takes NCLT Action Against Lavasa’s Bidder Valor

Representative image. MUMBAI: The Welspun Group has submitted a petition to the Mumbai bench of the National Company Law Tribunal (NCLT), pointing to past defaults in an effort to disqualify top bidder Valor Estates from the debt resolution process for Lavasa Corp, known for its ambition to establish India’s first planned hill city. This interlocutory application, filed through a Welspun subsidiary, emphasizes connections between Valor’s promoters and another delinquent, debt-ridden jeweler, which could lead to automatic disqualification under the law. The submitted plea alleges that Valor’s ineligibility stems from Section 29A of the bankruptcy code, which precludes individuals with a…

IndustryLatest Stories

Yogayatan Appeals to NCLT on Revised Lavasa Bid Approval

The Yogayatan Group, based in Mumbai, has lodged a petition with the National Company Law Tribunal (NCLT) opposing creditors’ decision to permit revised resolution plans for the financially troubled Lavasa Corp. According to **RealtyDailyNews** on August 1, Yogayatan emerged as the highest bidder with a bid of ₹795 crore based on net present value (NPV) after bidders were given a chance to enhance their offers following the initial round of bidding last month. However, after the bids were revealed, Valor Estates (formerly DB Realty), which did not submit a revised bid, indicated it wanted to raise its offer. This Mumbai-based…

Latest StoriesRegulatory

NCLT Excludes Phoenix ARC from Hotel Horizon Creditors’ Committee

The National Company Law Tribunal (NCLT) has partially accepted the request made by the suspended promoters of Hotel Horizon, ruling that the claim from asset reconstruction firm Phoenix ARC is invalid due to being barred by the statute of limitations. Hotel Horizon’s primary asset is a valuable 1.85-acre plot located in Juhu, Mumbai, with a view of the Arabian Sea. Last month, a consortium comprising Oberoi Realty, Shree Naman Developers, and JM Financial Properties received the committee of creditors’ (CoC) approval to acquire the company through the corporate insolvency resolution process (CIRP). The CoC has approved a resolution plan that…

Latest StoriesResidential

100 Buyers Register at RG Luxury Homes’ Noida Camp

NOIDA: Around 100 homebuyers of the RG Luxury Homes project received their registries during a special camp organized by the Greater Noida Authority and the stamp and registration department on Wednesday. This event, held at the project site in Greater Noida West, marked the start of the registration process. Authorities have been prompted to arrange similar camps for other legacy projects to speed up the handover process. After settling 25% of their dues with the Authority, the promoter was granted permission to commence unit registration in line with state government policy. Initially launched in 2010 with a delivery date set…

CommercialLatest Stories

IL&FS aims to block Brookfield’s bid for finance center

MUMBAI: Brookfield, a leading global alternative investment firm, is back in the spotlight along with the historic IL&FS building, which has played a significant role in establishing BKC as Mumbai’s financial district. The bankrupt financier that sold the property to a Brookfield-affiliated entity is now seeking to overturn its recent court decision, alleging that the global asset manager did not meet the bid’s requirements and that the bid security has expired. Sources within the finance industry suggest that rising commercial property values in BKC have rendered Brookfield’s original offer for the IL&FS Centre—formerly occupied by HDFC—less appealing, as highlighted in…