The National Company Law Tribunal (NCLT) Thursday gave nod to start insolvency proceedings against NCR-based real estate 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 President Justice M M Kumar allowed the insolvency 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.
The buyers had approached the tribunal after the builder failed to deliver flats and refund their advance money.
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