News
NCLT orders liquidation of Lotus City residential project in Yamuna e-way
The National Company Law Tribunal (NCLT) has ordered the liquidation of Lotus City, a residential project promoted by Three C Company’s debt-ridden real estate firm, Three C Homes Private Limited (TCHPL), in Sector 22A of Yamuna Expressway.
A division bench of NCLT-Delhi gave the ruling on February 9, rejecting the resolution plan of Ace Infracity Developers, which was awarded the project by the tribunal last year, citing non-compliance to the provisions of Insolvency Bankruptcy Code. This was because Ace Infracity had agreed to bring on board only a fraction of required funds to complete Lotus City.
Gaurav Katiyar, interim resolution professional of TCHPL, has been tasked with the job of initiating the liquidation process of Lotus City.
A plotted project that was sold to 512 buyers in 2011, Lotus City did not start, resulting in the buyers moving NCLT in 2019. And in September that year, the tribunal initiated insolvency proceedings against Three C Homes and appointed Katiyar as IRP.
-
News4 weeks ago
Godrej Properties Sells Rs 3k cr+ Homes of Godrej Zenith, Gurugram, within 3 days
-
News4 weeks ago
RBI’s Status Quo on Key Policy Rates to Help Maintain the Real Estate Growth Momentum, Say Industry Stalwarts
-
News2 weeks ago
Noida’s High-Rise Societies Face Multiple Challenges Despite Rapid Urban Growth
-
News3 weeks ago
Olive Announces Dhruv Kalro as Co-Founder
-
News4 weeks ago
Godrej Properties Sells 5000+ Homes of Rs 9.5 cr in Q4FY24, Bookings up 84% YoY
-
News3 weeks ago
Vestian: Domestic Investors Dominate Institutional Investments in Jan-Mar’24
-
News2 weeks ago
India to become the fastest-growing silver economy, housing up to 17% of the world’s elderly population by 2050: CBRE Report
-
News3 weeks ago
HRERA Gurugram Rejects Godrej Properties’ Project Extension Application, Account Frozen For Prolonged Non-compliances