[ad_1]
Gurugram: A decade long wait for more than 800 people who bought flats Siddharth Estella in Sector 103 and Siddharth NCR One/Greens in Sector 95, are likely to be finished soon.
In a May 24 order, the New Delhi Bench of the National Company Law Tribunal (NCLT) approved the withdrawal of insolvency proceedings against the developer, Siddharth Buildhome Pvt Ltd, and ordered the formation of a committee headed by a Supreme Court judge within 2 weeks to oversee the timely completion of the projects. The NCLT will give the final nod to the appointed Supreme Court judge.
The order states that the developer will have to deliver the flats to Siddharth NCR One/Greens buyers in 6 months and Siddharth Estella Buyer in 12 months.
The projects started in 2010-11 initially had a deadline of 2014-15. By 2014, most homebuyers had paid more than 95% of the flat cost when construction stopped.
Siddharth Buildhome went bankrupt in March 2021. After 2 years of litigation, it recently prepared plans to complete the projects, which were approved by the NCLT in its May 24 order.
NCLT technical member Atul Chaturvedi and NCLT judicial member Bachchu Venkata Balram Das said in their order, “We are of the considered opinion that the resolution professional erred and followed wrong method in counting of votes. Hence, we approve the withdrawal proposal (of the developer).
The order clarifies that homebuyers are to be treated as a single class for all purposes, whether for approval of resolution plan or passing of a resolution under section 12A of the Insolvency and Bankruptcy Code, 2016 .
Describing the order as historic, developer’s counsel Mangal Sharma and Saurabh Rajpal said, “After 2 years of CIRP (Corporate Insolvency Resolution Process), NCLT decided to restart. Siddharth Buildhome On the assurance that it will provide flats to the homebuyers.
Siddharth Estella homebuyer Amit Lal said, “It seems like our decade-long wait is over. We will now get our dream home.”
NCR One/Greens homebuyer Nidhi Singh said, ‘For us the dream of a flat will now turn into reality. We are hopeful of getting the flat with occupation certificate and all necessary amenities.
Krishna Bajoria, Chief Operating Officer (COO), Siddharth Buildhome Pvt Ltd said, “The order reaffirms our stand that we are committed to provide homes to home buyers in a time-bound manner. Promise to start construction under.”
[ad_2]
Source link