The National Company Law Tribunal (NCLT) has admitted an insolvency plea against Noida based Today Homes India. The development has come following a plea of a group of home buyers who had booked flats in a residential project of the group in Noida in 2012 and claimed to have paid almost 90 per cent amount.
As per the agreement, flat buyers were supposed to get possession in 2016. But they have neither received possession nor their money has been refunded.
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The homebuyers in their plea which they submitted before the tribunal said, "Since the delivery didn't take place on time, there was an existence of financial debt and default under the IBC Act, 2016.”
Today Homes in their response said that the completion of the project has been extended till 2021 after registration of the project under the RERA Act in 2016. Therefore, they said that they have not committed any default. gate management system
Hearing both the parties, the tribunal observed that "The extension for project completion under RERA could not absolve the real estate firm of it's the duty to the allottees, as the provisions of the IBC would override that of RERA and secondly the homebuyers were not a party to such transaction."
Following which the tribunal proceeded to initiate a corporate insolvency resolution process against Today Homes and appointed Rabindra Kumar as Interim Resolution Professional (IRP).
As per the agreement, flat buyers were supposed to get possession in 2016. But they have neither received possession nor their money has been refunded.
The homebuyers in their plea which they submitted before the tribunal said, "Since the delivery didn't take place on time, there was an existence of financial debt and default under the IBC Act, 2016.”
Today Homes in their response said that the completion of the project has been extended till 2021 after registration of the project under the RERA Act in 2016. Therefore, they said that they have not committed any default. gate management system
Hearing both the parties, the tribunal observed that "The extension for project completion under RERA could not absolve the real estate firm of it's the duty to the allottees, as the provisions of the IBC would override that of RERA and secondly the homebuyers were not a party to such transaction."
Following which the tribunal proceeded to initiate a corporate insolvency resolution process against Today Homes and appointed Rabindra Kumar as Interim Resolution Professional (IRP).
