Tag: Raheja Developers

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NCLAT Confirms Project-Specific Insolvency for Realty Firms

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has affirmed that insolvency proceedings initiated by homebuyers against construction firms must be restricted to the specific project where the default occurred, rather than extending to other projects of the corporate debtor. The tribunal underscored that jeopardizing unrelated projects does not serve the interests of homebuyers or stakeholders involved in those projects. “The law is clear that when financial creditors or homebuyers from a single project file a Section 7 application due to default by the corporate debtor, the Corporate Insolvency Resolution Process (CIRP) must be limited to that project,” the…

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NCLAT: Insolvency Process for Raheja Shilas Project to Continue

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has rejected Raheja Developers’ request to terminate the insolvency resolution process concerning its Raheja Shilas project in Gurugram, citing unresolved issues with flat buyers. The tribunal stated that an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal from the Corporate Insolvency Resolution Process (CIRP) can only be filed once the disputes between flat buyers and the firm are fully settled. Flat buyers remain eligible to file an application under Section 12A. “Respondent Nos. 1 to 43 (flat buyers) have opposed the closure of the CIRP, which…

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Gurugram: Property Registrations Halted in Raheja Commercial Project

GURUGRAM: The district town planner (enforcement) has instructed the sub-registrar of Manesar to halt property transactions related to Raheja Developers’ commercial project in Sector 84, as the project’s license was discovered to have expired on May 16, 2019. The license for a 2.3-acre commercial colony was not renewed in the designated timeframe, as per an official notice from the Department of Town and Country Planning (DTCP). According to rule 13 of the Haryana Development and Regulation of Urban Areas Rules, 1976, the licensee must file for renewal at least one month prior to its expiration. The DTCP’s order indicates that…

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NCLAT Bars Raheja Developers from Creating Third-Party Rights

The Principal Bench of the National Company Law Appellate Tribunal (NCLAT) in Delhi has prohibited Raheja Developers from selling units or land, thus preventing the creation of third-party rights. “With insolvency proceedings underway, it is clear that the management of the corporate debtor must not create any third-party rights in its immovable properties,” stated the NCLAT in its ruling. Earlier, homebuyers expressed concerns over the company’s assets being sold without guidance from the Interim Resolution Professional (IRP). The company’s advocates contended that such sales are necessary for maintaining the company’s operations and should include the unsold inventory. “It is our…

Latest StoriesRegulatory

ED Raids Raheja Developers Over Homebuyer Fraud Case

NEW DELHI: On Tuesday, the Enforcement Directorate reported the seizure of “incriminating” documents and asset details during searches of real estate firm Raheja Developers Ltd. and its directors, as part of a money laundering investigation linked to alleged fraud against homebuyers. The raids occurred on June 27 in Delhi-NCR and Mohali, Punjab. The ED’s money laundering case arises from several FIRs filed by the Economic Offences Wing (EOW) of the Delhi Police against Raheja Developers Ltd, its Managing Director Naveen Raheja, and others. The agency stated that the FIRs claim “substantial” sums were fraudulently collected from investors and homebuyers with…