NCLT Initiates Insolvency Proceedings Against Raheja Developers

The National Company Law Tribunal (NCLT) has ordered the start of insolvency proceedings against Raheja Developers after flat allottees from the Gurgaon Shilas project raised complaints. The tribunal found that the firm defaulted on unit deliveries and appointed Manindra K Tiwari as the Interim Resolution Professional.

In a significant development, the National Company Law Tribunal (NCLT) has initiated insolvency proceedings against the prominent real estate firm Raheja Developers. This action comes in response to a petition filed by flat allottees of the company's Shilas project in Gurgaon, alleging delays in unit deliveries.

The NCLT, in its order, noted that the developer had accrued a 'debt due and default' to these buyers, who claimed to have made full payments without receiving timely possession. Consequently, it has moved forward with the Corporate Insolvency Resolution Process (CIRP), appointing Manindra K Tiwari as the Interim Resolution Professional.

Raheja Developers attempted to defend itself by citing force majeure—a circumstance outside its control—but the tribunal dismissed this argument. It emphasized that statutory compliances and governmental hurdles are routine challenges, which the developer should have managed, ruling out force majeure as a defense.

(With inputs from agencies.)