The principal bench of the National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by 176 homebuyers of Raheja Developers' Revanta project in Sector 78, Gurgaon. The tribunal found a prima facie case of default in handing over possession despite substantial payments made by the allottees.
Petition Under IBC
The petition was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Surinder Aggarwal and 175 other allottees holding 99 units in the luxury residential project. The homebuyers stated they had collectively paid over Rs 137 crore towards their flats, with many having paid up to 95% of the total sale price. Yet possession remained pending years beyond the promised delivery timeline, with no compensation offered for the delay.
Project Background
Raheja Developers launched the Revanta project in 2011, committing to deliver possession within 36 months for independent floors and 48 months for high-rise towers. The project completion date declared before the Haryana Real Estate Regulatory Authority (HRera) was July 31, 2022. The tribunal, in its June 8 order, noted that the company had entered into memorandums of understanding with several allottees explicitly acknowledging delays and promising both compensation and possession by revised timelines, commitments that were allegedly not honoured.
Regulatory Findings
Homebuyers further relied on adverse findings recorded by HRera, which had directed the developer to pay refunds and interest in certain cases. The petitioners alleged that Raheja Developers had failed to comply with those regulatory directions as well, compounding the grievance.
Developer's Defense
Raheja Developers opposed the plea, attributing the delay to factors beyond its control, including the absence of external infrastructure such as roads, sewerage, water supply and electricity connectivity, as well as pending approvals for shifting high-tension power lines and prolonged litigation over sector roads. The company argued that regulatory actions had also affected its ability to raise funds and complete construction. It maintained that the project had reached an advanced stage of completion and that the company remained solvent.
NCLT Decision
NCLT's decision to proceed with the Revanta petition followed a clarification by the National Company Law Appellate Tribunal (NCLAT) that allottees of different Raheja projects could pursue separate, project-specific insolvency proceedings. The tribunal had earlier kept the matter partly in abeyance pending resolution of legal questions around this issue. Once NCLAT provided clarity, NCLT proceeded to examine the Revanta case on its own merits.
Significance
The order marks a significant development in the long-running disputes involving Raheja Developers and homebuyers across multiple projects in the city, with insolvency proceedings already initiated or under consideration in relation to several other developments by the company.
