Another Realtor In Delhi NCR May Be Wound Up, NCLT Starts Insolvency Proceedings

New Delhi: The tale of insolvency proceedings against Delhi NCR based realty players is continuing with more firms joining in everyday. Now such proceedings have been started against Rajesh Projects by the National Company Law Tribunal (NCLT), according to a report by 

The proceedings have been initiated against the firm after home buyers approached the court when the apartments they had booked were not delivered to them in the stipulated time. The home buyers purchased two flats  in ‘RG Luxury Homes’ project of the company in Sector 16-B of Greater Noida and had paid Rs 86.64 lakh towards the purchase, they said in there plea. The properties were to be delivered to them by 2016 by they are yet to be delivered. The entire project remains incomplete, they said in their plea. 

Rajesh Projects has also promised monthly returns from the properties. It has also promised that if there will be a delay in delivering the properties, the firm would pay a penalty to the home buyers at the rate of Rs 10  per sq ft monthly on the built-up area of the apartments. The realty firm has a due of Rs 1.33 crore on account of these promises to the home buyers, they said in the plea.

Gaurav Katiyar has been appointed as Interim Resolution Professional (IRP) by the court. The court has ordered the company to make vailable all documents in its possession within one week to the IRP.

Interestingly, the court also took note of the fact that the realty firm has not complied with settlement terms in another insolvency case which took place in 2018.