A developer, M/s Granite Gate Properties Private Limited, leased land from New Okhla Industrial Development Authority (NOIDA) for high-rise projects ('Lotus Boulevard' and 'Lotus Panache'). The developer was declared a Corporate Debtor, and home buyers formed the Committee of Creditors (CoC) as Financial Creditors. A Resolution Plan was approved, but a dispute arose regarding time extension charges imposed by NOIDA. The NCLAT had directed these charges to be treated as CIRP costs for a maximum of three years. NOIDA appealed, seeking these charges for a longer period, while the Authorized Representative for home buyers argued against their inclusion as CIRP costs, especially since home buyers had pooled resources to continue construction.
M/s Granite Gate Properties Private Limited, a developer, took perpetual lease of two plots from New Okhla Industrial Development Authority (NOIDA) for high-rise buildings and apartment complexes.
The projects were named 'Lotus Boulevard' (Sector 100) and 'Lotus Panache' (Sector 110).
The developer, M/s Granite Gate Properties Private Limited, ran into financial difficulties and was declared a Corporate Debtor (CD).
A Committee of Creditors (CoC) was constituted, comprising home buyers who formed a Class of Financial Creditors.
A Resolution Plan was approved and was to be implemented through a Successful Resolution Applicant (SRA), M/s SMV Agencies Private Limited.
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The project was…
Time extension charges…
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A developer, M/s Granite Gate Properties Private Limited, leased land from New Okhla Industrial Development Authority (NOIDA) for high-rise projects ('Lotus Boulevard' and 'Lotus Panache'). The developer was declared a Corporate Debtor, and home buyers formed the Committee of Creditors (CoC) as Financial Creditors. A Resolution Plan was approved, but a dispute arose regarding time extension charges imposed by NOIDA. The NCLAT had directed these charges to be treated as CIRP costs for a maximum of three years. NOIDA appealed, seeking these charges for a longer period, while the Authorized Representative for home buyers argued against their inclusion as CIRP costs, especially since home buyers had pooled resources to continue construction.
M/s Granite Gate Properties Private Limited, a developer, took perpetual lease of two plots from New Okhla Industrial Development Authority (NOIDA) for high-rise buildings and apartment complexes.
The projects were named 'Lotus Boulevard' (Sector 100) and 'Lotus Panache' (Sector 110).
The developer, M/s Granite Gate Properties Private Limited, ran into financial difficulties and was declared a Corporate Debtor (CD).
A Committee of Creditors (CoC) was constituted, comprising home buyers who formed a Class of Financial Creditors.
A Resolution Plan was approved and was to be implemented through a Successful Resolution Applicant (SRA), M/s SMV Agencies Private Limited.
…The project was…
Time extension charges…
Sign in to view related legal provisions.