ET: NCLT initiates insolvency proceedings against Raheja Developers

26 August 2019: The National Company Law Tribunal (NCLT) has initiated corporate insolvency resolution process against Raheja Developers under Section 7 of the Insolvency and Bankruptcy Code 2016.

The court has appointed Jitesh Gupta as the interim resolution professional (IRP) for the case.

The buyer had booked an apartment in Raheja’s Sampada in August 2012 for Rs 86.62 lakh. The project was to be delivered in August 2015 but the builder failed to do so. The buyer further pleaded that the builder was to apply for water connections within 15 days and till then portable water through tankers was required to be supplied to the residents, which has not been the case.

Raheja in its plea said that there is no default on part of the corporate debtor. The delay was on part of the authorities as till date water and sewer line has not been provided.

NCLT however admitted buyer’s petition and ordered the builder that the supply of essential goods like supply of water, electricity to the buyer should not be terminated or suspended.

The buyer has been ordered to deposit Rs 1 lakh to the IRP to meet the expenses to perform his function within three days of the order.

The ex-management has been directed to provide all documents in their possession and furnish every information within a period of one week from the admission of the petition to the IRP.

The Economic Times reported

Categories: General News, India Bankruptcy

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