Home Judgments & Orders Tribunal NCLT Initiates Insolvency Proceedings Against NCR Based Builder On Homebuyers’ Plea

NCLT Initiates Insolvency Proceedings Against NCR Based Builder On Homebuyers’ Plea

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NCLT Initiates Insolvency Proceedings Against NCR Based Builder On Homebuyers' Plea
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The NCLT Delhi has admitted an insolvency petition filed by a group of ‘homebuyers’ against NCR based builder Today Homes Noida India Ltd. The petition filed by a group of homebuyers.

A bench of Justice M M Kumar & Dr. Deepti Mukesh has appointed interim resolution professional (IRP) to take over the management of the company.

The petitioners had entered into home buying agreement with the Today Homes Noida India on March 29, 2012 and had paid almost 90 percent of their amount for flat in the Ridge Residency Housing Project, sector 135, Noida. According to the agreement, flats were to be delivered latest by 2016 but neither the possession of flats was delivered nor money was refunded.

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