NCLT bench directed the management of Three-C Projects to provide all documents in their possession and other details within one week to the appointed IRP.
The fate of Three-C group’s homebuyers now seems to be heading akin to that of Jaypee and Amrapali group as the National Company Law tribunal (NCLT) has ordered to start an insolvency proceedings against NCR-based realty firm Three C Projects Ltd. The tribunal has appointed an Interim Resolution Professional (IRP) to take over the management of the debt-ridden real estate firm.
The development comes after a plea was filed by a group of flat buyers who had booked their flats in Lotus Zing project in Noida. The tribunal, while accepting the home buyers plea said, “We are satisfied that a default has occurred and the applications under sub section 2 of section 7 of Insolvency and Bankruptcy Code (IBC) is complete.”
Meanwhile, the tribunal has appointed Manish Kumar Gupta as an Interim Resolution Professional (IRP) and has asked to make a public announcement in this regard.
Hearing the matter, NCLT bench also directed the management of Three-C Projects to provide all documents in their possession and other details within one week to the appointed IRP.
Flat buyers told the NCLT that as per the agreement they were supposed to get possession of flats in 33 months after the booking which already ended in 2014.
In its defense, Three C Projects argued that the petition against them was not maintainable as the project was delayed due to various factors, including demonetisation and farmers’ agitation.
The bench said, “Submission made by the respondent (Three C Projects) is whole unsustainable.”
“Objection like water supply interruptions and farmers agitation are merely lame excuses to deny the claim of financial creditors (home buyers). The maximum period of 33 months has already expired by early 2014 and the possession as per the stipulation has not been handed over till date,” NCLT further added.