# In the matter of Raheja Developers Limited

> NCLT judgment dated 2024-11-19. Citation: TCN-2024-NCLT-00208. This case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 19 Nov 2024
- **Citation:** TCN-2024-NCLT-00208
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/raheja-developers-limited-ed9434aa

## Summary

### Background

This case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by financial creditors (homebuyers) against Raheja Developers Limited, the corporate debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The homebuyers are allottees of the 'Raheja Shilas' project in Sector 109, Gurugram, Haryana. The applicants claim that the corporate debtor defaulted on handing over possession of the units within the stipulated time, leading to a financial debt and subsequent default. The corporate debtor contends that the delay was due to force majeure conditions and that the application is time-barred.

## Facts

The applicants, 43 in number, are financial creditors/homebuyers who invested in the 'Raheja Shilas' project located in Sector 109, Gurugram, Haryana. The project was developed by Raheja Developers Limited, the corporate debtor. The applicants filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming that the corporate debtor defaulted on handing over possession of the units within the agreed-upon timeframe. The total amount of default claimed is Rs. 112,90,63,124/-. The corporate debtor obtained a license from the Director General, Town & Country Planning (DTCP), Haryana, for the development of a Residential Group Housing Colony. The corporate debtor also obtained RERA registration for the project. The applicants submitted that

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## Issues and analysis

### Issue 1: Whether the Project ‘Raheja Shilas Low Rise’ constitutes an independent project or it is a part of …

**Ratio:** Explanation to Section 3 of the RERA Act states that where a real estate project is to be

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**Reasoning:** The NCLT observed that the corporate debtor obtained separate RERA registration for the

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**Interpretation:** The RERA Act mandates separate registration for each phase of a real estate

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**Application:** The NCLT applied the RERA Act's explanation to the facts of the case,

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Vipul…
- **Respondents:** Raheja Developers…; M/s Raheja…

## Timeline

- **1990-11-27 — Incorporation of…**: Raheja Developers Limited was…
- **2007-11-07 — License G…**: License No. 257 of 2007 was granted for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14(1) — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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