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NCLT admits bankruptcy plea against Noida-based realtor Granite Gate

Press Trust of India  |  New Delhi 

The (NCLT) Thursday gave nod to start proceedings against NCR-based firm Granite Gate Properties, after homebuyers complained about the firm's inability to complete the project.

Admitting the plea of three homebuyers, a two-member bench headed by NCLT Justice M M Kumar allowed the plea against Granite Gate Properties, which is developing housing project Lotus Panache in Noida.

Granite Gate, a group firm of the 3C Company, is developing over 3,000 flats in this project, which was launched in 2010.

After the and Code (Amendment) Ordinance, 2018, homebuyers have been granted the status of financial creditors under the ordinance.

The buyers had approached the tribunal after the builder failed to deliver flats and refund their advance

Many firms, including and Amrapali, are facing insolvency proceedings for not delivering projects on time.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 20:45 IST
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