Raheja Developers, a prominent real estate company based in Gurugram, India, has been facing insolvency proceedings in recent times. The National Company Law Tribunal (NCLT) initiated these proceedings in response to complaints filed by over 40 flat buyers who alleged delays in the delivery of their units at the Raheja Shilas project in Sector 109, Gurugram.
The buyers claimed that they had made significant payments towards their units but had not received possession within the stipulated timelines, which were originally set between 2012 and 2014. The NCLT found that Raheja Developers had a “debt due and default” against these flat buyers and ordered the initiation of Corporate Insolvency Resolution Proceedings (CIRP)….
