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Home / Delhi / Nclat Stays Insolvency Proceedings Against Raheja Developers

NCLAT stays insolvency proceedings against Raheja Developers

Tribune News Service
Gurugram, Updated At : 05:28 AM Nov 24, 2024 IST

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In a significant relief for Gurugram-based Raheja Developers, the National Company Law Appellate Tribunal (NCLAT) has stayed insolvency proceedings against the firm, limiting them to a single project, Raheja Shilas in Sector 109, Gurugram.

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A three-member Bench led by Chairperson Justice Ashok Bhushan directed the Interim Resolution Professional (IRP) to gather claims related to the project and submit a status report.

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The order, passed on Thursday, followed a petition by Raheja’s Chairman Navin Raheja, challenging an earlier NCLAT directive to initiate insolvency proceedings across the entire company.

The case stems from claims by over 40 flat buyers alleging a default of Rs 112.9 crore. Raheja Developers stated that an electricity dues issue for the project has been resolved, with a no-objection certificate issued by Dakshin Haryana Bijli Vitran Nigam (DHBVN).

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