NOIDA: The 3C Company on Thursday was the third major Noida-based developer after Jaypee and Amrapali to grow to be embroiled in insolvency proceedings. In reaction to a plea by means of buyers who've no longer received their residences, the National Company Law Tribunal (NCLT) appointed an interim solution professional to unravel the monetary liabilities of Granite Gate Company, the 3C subsidiary this is construction its ‘Lotus’ emblem tasks —Panache and Boulevard.
The IRP has a most 270 days for the solution, following with the two tasks could be pushed into liquidation. This will directly affect around 3,500 buyers who're yet to get their residences in Lotus Panache (Sector 110) and Lotus Boulevard (Sector 100).
The NCLT stepped in after a small workforce of aggrieved homebuyers approached it closing year when their call for for refund of investments was once grew to become down by means of 3C. The developer has ignored a number of cut-off dates for of completion of the two tasks. The homebuyers’ plea to start out insolvency proceedings was once allowed by means of a two-member bench headed by means of NCLT president Justice M M Kumar.
The homebuyers’ workforce, Lotus Panache Welfare Association (LPWA), informed TOI it could enchantment to the IRP to uphold the rights of traders all the way through the process the solution. It also indicated shifting the Supreme Court with a plea for a forensic audit of 3C to learn the way their money have been “diverted” to other tasks.
“We would like to meet and urge the IRP to offer very best precedence to homebuyers’ rights in issues of solution. We might also move the apex courtroom to determine the place all the buyers’ funds went,” said Amit Chauhan, a purchaser at Lotus Panache.
“The insolvency bid was once raised by means of a bunch of buyers who had earlier asked the builder to refund their dues in lieu of being monetary collectors to the company. The IRP has 180 days to unravel the topic, with the availability of 90 days extra to near it. The buyers in this case are to be considered monetary collectors,” said Aditya Parolia, spouse PSP Legal, which is representing 3C buyers.
None of the 3C company’s ‘Lotus’ emblem tasks is entire, excluding Espacia. “While the NCLT has started proceedings in opposition to Granite Gate, we presume this building will affect all other 3C Company tasks in due course of time,” Parolia added.
The IRP has a most 270 days for the solution, following with the two tasks could be pushed into liquidation. This will directly affect around 3,500 buyers who're yet to get their residences in Lotus Panache (Sector 110) and Lotus Boulevard (Sector 100).
The NCLT stepped in after a small workforce of aggrieved homebuyers approached it closing year when their call for for refund of investments was once grew to become down by means of 3C. The developer has ignored a number of cut-off dates for of completion of the two tasks. The homebuyers’ plea to start out insolvency proceedings was once allowed by means of a two-member bench headed by means of NCLT president Justice M M Kumar.
The homebuyers’ workforce, Lotus Panache Welfare Association (LPWA), informed TOI it could enchantment to the IRP to uphold the rights of traders all the way through the process the solution. It also indicated shifting the Supreme Court with a plea for a forensic audit of 3C to learn the way their money have been “diverted” to other tasks.
“We would like to meet and urge the IRP to offer very best precedence to homebuyers’ rights in issues of solution. We might also move the apex courtroom to determine the place all the buyers’ funds went,” said Amit Chauhan, a purchaser at Lotus Panache.
“The insolvency bid was once raised by means of a bunch of buyers who had earlier asked the builder to refund their dues in lieu of being monetary collectors to the company. The IRP has 180 days to unravel the topic, with the availability of 90 days extra to near it. The buyers in this case are to be considered monetary collectors,” said Aditya Parolia, spouse PSP Legal, which is representing 3C buyers.
None of the 3C company’s ‘Lotus’ emblem tasks is entire, excluding Espacia. “While the NCLT has started proceedings in opposition to Granite Gate, we presume this building will affect all other 3C Company tasks in due course of time,” Parolia added.
Noida: 3C’s Lotus firm faces insolvency proceedings
![Noida: 3C’s Lotus firm faces insolvency proceedings]()
Reviewed by Kailash
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January 11, 2019
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