NCLAT stays insolvency proceedings against Raheja Developers
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.
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.
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).
