Surinder Aggarwal & Ors. Vs Raheja Developers Limited (NCLT Delhi)
The petition was filed on 12.04.2024 by 176 homebuyers under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of the Corporate Insolvency Resolution Process (CIRP), declaration of moratorium and appointment of an Interim Resolution Professional against M/s Raheja Developers Limited in relation to its project “Raheja Revanta.” The Tribunal noted earlier insolvency proceedings involving other projects of the Corporate Debtor, including “Raheja Shilas” and “Krishna Housing Scheme,” and recorded that the NCLAT subsequently clarified that CIRP in those matters would remain project-specific while permitting allottees of other projects to pursue independent proceedings under Section 7.
According to the petitioners, the Corporate Debtor launched the Raheja Revanta project in 2011 and promised timely delivery of units. Allotment letters and Agreements to Sell were executed between 2011 and 2020. The agreements contemplated possession within 36 months for TAPAS floors and 48 months for SURYA Towers. The petitioners stated that they made payments amounting to ₹137,15,54,778.03, with many having paid 90–95% of the sale consideration, yet possession was not delivered. They further relied on HRERA orders dated 31.01.2023 directing refund with interest in favour of certain allottees, alleged non-compliance with those orders, and referred to Memoranda of Understanding in which the Corporate Debtor acknowledged delay, agreed to pay compensation and deliver possession, but allegedly failed to honour those commitments. The petitioners claimed that, as on 24.02.2024, the Corporate Debtor was liable to refund ₹137,15,54,778.03 together with interest of ₹75,69,71,441.73, aggregating ₹212,85,26,219.76. They also asserted that the project comprised 932 units and that the petition filed by 176 allottees holding 99 units satisfied the statutory threshold under Section 7.
