YEIDA Withdraws Appeal Against Ace Infracity's Bid for Three C Homes

The Yamuna Expressway Industrial Development Authority (YEIDA) has withdrawn its appeal at the NCLAT against an NCLT ruling that approved Ace Infracity's bid for Three C Homes. This came after YEIDA accepted Ace Infracity's proposal to compensate farmers. The case initially began with land allotment issues, which were resolved by the NCLT in favor of Ace Infracity.

The Yamuna Expressway Industrial Development Authority (YEIDA) has retracted its appeal against the National Company Law Tribunal's (NCLT) decision favoring Ace Infracity's bid for Three C Homes.

The withdrawal follows YEIDA's acceptance of Ace Infracity Developers' proposal to compensate farmers, requesting the National Company Law Appellate Tribunal (NCLAT) to dismiss its appeal.

Previously, YEIDA and Ace Infracity had entered settlement discussions during the appeal process at the NCLAT.

On July 4, 2024, YEIDA proposed to compensate farmers, which Ace Infracity accepted. Subsequently, the NCLAT noted no further purpose would be served by continuing the appeal, permitting its withdrawal with liberty to revive.

Initially, YEIDA had canceled land allotment in January 2021, leading to Three C Homes' resolution professional challenging the decision at NCLT, which restored the allotment in January 2023. NCLT then approved Ace Infracity's Rs 140.39-crore resolution plan in June 2023, dismissing YEIDA's objections and asserting the plan met financial requirements.

(With inputs from agencies.)