The National Company Law Tribunal appointed an interim resolution professional (IRP) for Delhi-based CHD Developers on September 13.
The IRP Rajesh Kumar Parakh has been directed to make a public announcement immediately (in three days) with regard to the admission of the application under section 7 of the IBC, the order dated September 5 said.
The case was filed by homebuyers of CHD Vann residential project in Sector 71.
The builder has been directed to deposit Rs 2 lakh with the IRP to meet the expenses to perform the functions assigned to him in Regulation 6 of the IBC, the order said.
In September 2021, the director of CHD Developers had been booked under the direction of a local court for allegedly collecting money from buyers in the name of a real estate project and failing to hand over possession to them.
In the meantime, in July 2022, CHD Developers filed for a pre-package Insolvency petition. CHD claimed that pre-pack should be given precedence over homeowners’ petition but CHD’s arguments were rejected by NCLT and homebuyers' petition was admitted.
A prepackaged insolvency is filed by the company itself and it contains a base resolution plan already approved by the committee of creditors (CoC).
It requires acceptance by NCLT.
Piyush Singh, the advocate of PSP Legal, appeared for CHD Vann homebuyers. “Homebuyers had challenged the formation of CoC as a builder in a prepack can choose or suggest his own IRP,” he told Moneycontrol.
As many as 117 homebuyers had filed the case in NCLT in 2020. CHD filed the prepackaged insolvency petition in July 2020.
There was no response from CHD’s legal team.