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NCLT orders liquidation of Lotus City residential project in Yamuna e-way

barandbench

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.

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