Raheja Developers Challenges Insolvency Initiation Over Shilas Project

Raheja Developers has approached the National Company Law Appellate Tribunal (NCLAT) to contest the insolvency proceedings initiated by the National Company Law Tribunal (NCLT) over a default concerning its Shilas project in Gurugram. The case is centered on claims from over 40 flat buyers alleging a breach of Rs 112.90 crore.

Raheja Developers has advanced to the National Company Law Appellate Tribunal (NCLAT) to challenge the insolvency proceedings started by the National Company Law Tribunal (NCLT), following accusations of default linked to its Shilas project based in Gurugram.

On Tuesday, NCLT ordered the initiation of a Corporate Insolvency Resolution Process (CIRP) following a plea by over 40 flat buyers from the Gurugram project, citing a breach amounting to Rs 112.90 crore.

Despite defenses presented by Raheja Developers citing a 'force majeure' clause, NCLT maintained that statutory compliance issues and litigation with government departments did not exempt the firm from responsibilities.

(With inputs from agencies.)