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Lotus City, which 3C Homes Pvt Ltd was implementing, went into insolvency on September 6, 2019.
NEW DELHI/NOIDA: The National Company Law Appellate Tribunal (NCLAT) has set aside a liquidation order against Lotus City, a housing project on the Yamuna Expressway, and directed the NCLT to consider the resolution plan afresh.
Lotus City, which 3C Homes Pvt Ltd was implementing, went into insolvency on September 6, 2019. The project was launched as far back as 2012. Throughout the corporate insolvency resolution process (CIRP), only one resolution applicant, Ace Infrastructure, filed a revival plan for Lotus City.
The committee of creditors approved it with a 62.9% vote share, which was considered 100% in favour of the resolution plan in line with the provisions of the Insolvency and Bankruptcy Code. However, the NCLT rejected the resolution plan and ordered a liquidation. It argued that the liquidation value of the project at Rs 480 crore was much higher than the Rs 95 crore requi
NCR-based Three C Homes to move for liquidation
By IANS |
Published on
Fri, Feb 12 2021 22:21 IST |
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National Company Law Tribunal (NCLT).. Image Source: IANS News
New Delhi, Feb 12 : Delhi-NCR based developer Three C Homes is set to be liquidated as the National Company Law Tribunal has rejected the resolution plan approved by the CoC to acquire the bankrupt company.
The tribunal noted that the resolution plan approved by the Committee of Creditors provides for an amount of Rs 180.34 crore against the liquidation value of Rs 480.70 crore.
Even against Rs 180.34 crore, the successful resolution applicant, Ace Infracity Developers Pvt Ltd, is obliged to bring in only amount of Rs 95 crore by way of fresh infusion of fund, which is also spread over a period of two years and the rest Rs 85 crore are to be contributed by the home buyers.