Raheja Developers Limited has been drawn into the Corporate Insolvency Resolution Process (CIRP) following a petition by 43 frustrated homebuyers over non-delivery of homes in its “Raheja Shilas” project in Gurugram. The National Company Law Tribunal (NCLT) acknowledged the plea, marking a significant victory for the buyers.
The “Raheja Shilas” apartments, situated in Sector 109, Gurugram, were originally promised for delivery between 2012 and 2014. However, the project remained incomplete as of 2023. The buyers, who had already paid over 95% of the purchase price, turned to the NCLT under the Insolvency and Bankruptcy Code (IBC), demanding accountability.
While Raheja Developers blamed the delays on uncontrollable factors and questioned the eligibility of the petition, the NCLT dismissed these claims. The Tribunal ruled that the project’s buyers met the necessary legal thresholds and noted that the challenges cited by the developer were foreseeable and within its responsibility to manage.
Citing ongoing acknowledgments of debt by the company through emails, the NCLT also rejected Raheja’s argument that the claims were time-barred. Additionally, the Tribunal ruled out isolating the project for separate insolvency proceedings, emphasizing the comprehensive nature of the CIRP.
The case underscores the increasing empowerment of homebuyers in holding developers accountable for delayed projects. With an Interim Resolution Professional now at the helm, the future of Raheja Developers rests on the outcome of this insolvency process.
