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Sidhartha Buildhome Private Limited has received approval from the National Company Law Tribunal (NCLT) to proceed with the completion of two long-delayed housing projects. The projects, namely Sidhartha Estella in Sector 103 and Sidhartha NCR One/Greens in Sector 95, have faced a decade-long delay, leaving over 800 buyers eagerly awaiting the flats they purchased back in 2010-11. Most buyers had paid more than 95% of the flat costs by 2014 when construction abruptly came to a halt.
The NCLT's New Delhi bench has granted permission to withdraw the insolvency proceedings against the developer and has established a committee led by a Supreme Court judge to oversee the successful execution of the projects. Within a span of six months, the developer is required to deliver flats to the buyers of Sidhartha NCR One/Greens, and within twelve months, to the buyers of Sidhartha Estella.
Mangal Sharma and Saurabh Rajpal, the attorneys representing the developer, hailed this decision as historic. They claimed that the NCLT decided to revive Sidhartha Buildhome based on their commitment to providing flats to homeowners within two years of the corporate insolvency resolution process (CIRP).
Krishan Bajoria, the CEO of Sidhartha Buildhome Private Limited, expressed satisfaction with the order, stating, "The ruling has vindicated our steadfast dedication to delivering homes to our buyers within specified timeframes. Once all the necessary paperwork is completed, we pledge to commence construction in collaboration with the designated monitoring committee."
The completion of the Sidhartha Estella and Sidhartha NCR One/Greens projects has been a prolonged endeavour. Initially launched in 2010-11 with a deadline set for 2014-15, the projects experienced construction disruptions, leading to the developer's insolvency filing in March 2021. Following two years of legal proceedings, the NCLT has now approved the developer's plan to finalize the projects and has allowed the withdrawal of the insolvency proceedings.
The successful completion of the Sidhartha Estella and Sidhartha NCR One/Greens projects holds immense significance for the regional real estate market. The lengthy delay has not only impacted the homebuyers, who have been eagerly awaiting possession, but it has also cast a shadow on the reputation and trustworthiness of the real estate industry. Therefore, the NCLT's endorsement of the developer's plan to finalize the projects is a positive development that will contribute to restoring the confidence of homebuyers in the industry.
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