NCLT Delhi Admits Section 7 IBC Petition Against Raheja Developers Limited: Financial Debt and Default Established in Raheja Revanta Project
Case Overview
Case Name: Surinder Aggarwal & Ors. Vs Raheja Developers Limited
Forum: National Company Law Tribunal, Delhi
Provision Invoked: Section 7, Insolvency and Bankruptcy Code, 2016
The National Company Law Tribunal, New Delhi, has admitted an insolvency petition filed by a group of homebuyers against M/s Raheja Developers Limited, a prominent real estate developer, in connection with its residential project known as "Raheja Revanta." The petition, lodged on 12.04.2024 by 176 allottees under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), sought initiation of the Corporate Insolvency Resolution Process (CIRP), declaration of moratorium, and appointment of an Interim Resolution Professional against the Corporate Debtor.
Background and Prior Insolvency History
Before addressing the merits of the present petition, the Tribunal took note of earlier insolvency proceedings already pending against Raheja Developers Limited in relation to two of its other projects — "Raheja Shilas" and "Krishna Housing Scheme." Importantly, the National Company Law Appellate Tribunal (NCLAT) had previously clarified that the CIRP in those matters would remain project-specific in nature, and that allottees belonging to separate projects of the same Corporate Debtor would retain the right to independently initiate proceedings under Section 7 of the IBC.
This clarification by the NCLAT set the stage for the present batch of homebuyers to proceed with their own independent petition concerning the Raheja Revanta project.
Facts of the Case: What the Petitioners Alleged
Project Launch and Contractual Commitments
According to the petitioning homebuyers, the Corporate Debtor launched the Raheja Revanta project in the year 2011, accompanied by representations and assurances regarding timely delivery of residential units. Allotment letters and Agreements to Sell were executed in a phased manner between 2011 and 2020.
The agreed possession timelines, as stipulated in the respective agreements, were:
- 36 months for units classified under TAPAS floors
- 48 months for units falling under SURYA Towers
Payments Made and Possession Not Delivered
The 176 petitioning allottees collectively disbursed an aggregate amount of ₹137,15,54,778.03 to the Corporate Debtor, with a significant proportion of them having paid 90% to 95% of the total sale consideration. Despite such substantial payments, possession of units was not handed over within the contractually stipulated periods — or at all, as of the petition date.
HRERA Orders and Non-Compliance
Several of the petitioning allottees had also approached the Haryana Real Estate Regulatory Authority (HRERA), which passed orders dated 31.01.2023 directing the Corporate Debtor to refund amounts along with applicable interest. The petitioners alleged that the Corporate Debtor had failed to comply with these HRERA directions, compounding the grievance of the affected homebuyers.