Real Estate Developer HDIL Lose Case Against Flat Purchasers At NCLAT, One Of The Biggest Win For Flat Purchasers
M/s SOLICIS LEX had filed a consolidated appeal (A1 - Majestic Towers; A2 - Galaxy Apartments) in the NCLAT on behalf of many flat purchasers.
The appeal was filed Against the decision of the NCLT Mumbai - whereby the resolution process was closed and the housing projects and other assets of HDIL were ordered to be liquidated - in which case the home buyers get nothing - no flat or refund. All proceeds of Liquidation were to flow to Banks and Financial Institutions.
Adv Sunil Fernandes - Delhi counsel for Solicis Lex argued the Appeal before NCLAT.
Judgment has been pronounced.
NCLT order has been set aside and CoC and RP have been granted 90 days' time to complete resolution process - project wise - as stated in minutes of CoC meeting dated 08/09/21.
Ameet Mehta, Managing Partner of Solicis Lex* stated that as rightly pointed out by bench, the Adjudicating authority should have given reasonable extension for proceeding further with resolution project wise for which 25 LOI have been received with RP.
Mr Manish Sukhani head NCLT Division at Solicis Lex stated that this could be one such landmark Judgement of NCLAT which benefits flat purchasers setting a good example against defaulting Builders.
Counsel Sunil Fernandes stated that poor and middle class flat purchasers have got a new Ray of hope through this NCLAT order.