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The National Company Law Appellate Tribunal (NCLAT) has recently granted a final opportunity to the allottees of the Orris Greenopolis project in Sector 89 to file their claims and become part of the creditors within a specified four-week timeframe. This development comes in the wake of the ongoing insolvency proceedings against Three C Shelters Pvt Ltd, one of the key promoters of the housing project.
The corporate insolvency resolution process (CIRP) of Three C Shelters Pvt Ltd, belonging to the Three C group of companies, commenced on October 16, 2020. Since then, the proceedings have encountered challenges, with certain claims being deemed dubious or fraudulent, leading to concerns regarding the integrity of the committee of genuine creditors. Acting on a bona fide application submitted by the Greenopolis Welfare Association and GWC, representing the homebuyers' associations, the National Company Law Tribunal (NCLT) issued an order on May 26 of the current year, directing the Interim Resolution Professional (IRP) to reverify all claims received during the CIRP.
The need for reverification arose as some claims were suspected to have been falsified or inaccurately represented, potentially jeopardizing the interests of legitimate creditors and genuine homebuyers. Consequently, the NCLT's order emphasized the importance of conducting a thorough revaluation of the claims and insisted on a comprehensive report to be submitted within four weeks to ensure a fair and transparent resolution process.
The IRP, Pradeep Kumar Kaushik, overseeing the affairs of 3C Shelters Promoters for the Greenopolis project, confirmed that around 750 claims had been received, of which 350 claims had already undergone a physical verification process. He clarified that these 350 verified claims need not be resubmitted, but the opportunity remains open for other allottees to file their claims during this final chance period.
The crux of the matter lies in the failure of Three C Shelters Pvt Ltd to fulfil its obligations to construct the 1,810 flats in the Sector 89 township, despite obtaining a license from the Town and Country Planning Department (DTCP) to develop the group housing project in approximately 37 acres. Instead of utilizing the funds collected from the allottees for the construction, the company allegedly diverted a staggering sum of Rs. 612 crore to other entities, leading to serious allegations of financial misconduct and misappropriation of funds.
In conclusion, the NCLAT's decision to grant a final chance to the allottees of the Orris Greenopolis project to file their claims and be part of the creditors' committee is a significant step towards ensuring transparency and fairness in the insolvency resolution process. The reverification of claims ordered by the NCLT is vital to remove any suspicious or fraudulent elements and safeguard the interests of legitimate stakeholders.
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