INSOLVENCY PROCEEDINGS RAHEJA SHILAS
NCLAT limits insolvency against Raheja to one project only, seeks report for other projects
The National Company Law Appellate Tribunal (NCLAT) has narrowed down insolvency proceedings against Raheja Developers to just its 'Raheja Shilas' project. The tribunal has also requested a detailed report from the Interim Resolution Professional (IRP) on the status of Raheja Developers' other projects.
Raheja Developers moves NCLAT against insolvency
Raheja Developers is facing insolvency proceedings initiated by flat buyers of its Gurugram-based Shilas project. The buyers allege a default of Rs 112.90 crore due to non-delivery of units. Raheja Developers, however, claims the delay was due to unforeseen circumstances. The case is now before the National Company Law Appellate Tribunal (NCLAT).
NCLT directs initiation of insolvency proceedings against Raheja Developers
The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Raheja Developers following a petition by flat buyers in the Gurgaon-based Shilas project. The NCLT cited "debt due and default" by the company for its failure to deliver units on time despite receiving payments. An Interim Resolution Professional has been appointed as the case proceeds.
Bank of Maharashtra invites bids for loans of Asian Hotels (North)
In a rare development, Bank of Maharashtra is expecting full recovery of dues from the sale of the loans to a hotel, owned by the Jatia Group. It has set a reserve price of Rs 330 crore against Rs 324 crore dues, the bank said in a note to the asset reconstruction companies last week. Reeling under Covid 19, in December 2020, the company entered a one-time restructuring (OTR) with lenders.
Seven entities in race to acquire Asian Hotels (West)
The listed Asian Hotels (West), which operates Hotel Hyatt Regency near Mumbai airport, was admitted for corporate insolvency proceeding last September. K Raheja Group's entity Unique Estate Development submitted an EoI, while the other applicants include GVPR Engineers, Jindal Power, and two consortiums.
Facebook whistleblower Frances Haugen and the power of one
On Monday, Facebook, WhatsApp and Instagram went offline for six hours. That was only the second worst thing to happen to the social media behemoth this week.
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Raheja Developers to deliver 7,000 units in next 1-2 years
After an epic judgement released by the NCLAT court on 23 Jan 2020, to halt insolvency proceedings against Gurugram based Raheja Developers Ltd., After whic...
NCLAT sets aside insolvency proceedings against Raheja Developers
Earlier, on August 20 last year, the Delhi-based principal bench of the National Company Law Tribunal (NCLT) had directed to initiate insolvency proceedings against the company over the plea filed by one of its flat buyers citing delay in the project and appointed an interim resolution professional.
NCLAT halts insolvency proceedings against Raheja
Raheja was admitted for insolvency proceedings in August 2019 by the National Company Law Tribunal (NCLT) which held the company in default of its obligations to two home buyers who at the time had approached the tribunal claiming delay in delivery of flats. The case involved the Raheja group¡¯s Sampada project in Gurgaon.
Govt's Rs 25,000cr realty booster inadequate to revive stalled projects: ICRA
The government on Wednesday approved a Rs 25,000-crore fund to help complete over 1,500 stalled housing projects, including ones that have been declared NPAs or admitted for insolvency proceedings, as it looks to boost growth by steering consumption in real estate and associated sectors. The move is likely to help 4.58 lakh housing units across the country.
NCLT initiates insolvency plea against Raheja Developers
The National Company Law Tribunal's direction came over a petition filed by a flat buyer of Raheja Developers.
Cannot reject insolvency plea over claims disputed after demand notice: NCLAT
A three-member Bench, headed by Chairman S J Mukhopadhaya, observed that "existence of dispute must be pre-existing i.e. it must exist before the receipt of the demand notice or invoice".
Raheja Developers to face insolvency proceedings
The Delhi-based builder is accused of failing to pay its outstanding dues related to work done by Ahluwalia Contracts.
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