NCLT nod to Sidhartha Buildhome’s plan for completing two housing projects
GURUGRAM: A decade-long wait for over 800 people, who bought flats in Sidhartha Estella in Sector
103 and Sidhartha NCR One/Greens in Sector 95, will likely end soon.
In a May 24 order, the National Company Law Tribunal’s (NCLT’s) New Delhi bench approved the withdrawal of insolvency proceedings against the developer, Sidhartha Buildhome Private Limited, and
ordered the formation of a committee under the chairmanship of a Supreme Court judge within 2 weeks to
oversee the completion of the projects on time. The NCLT will give the final nod to the SC judge appointed. The order added that the developer must deliver flats to the Sidhartha NCR One/Greens buyers in 6 months and the Sidhartha Estella buyers in 12 months.
The projects, launched in 2010-11, initially had a 2014-15 deadline. Most homebuyers had paid more than
95% of the flat costs by 2014 when construction stopped.
Siddhartha Buildhome went into insolvency in March 2021. After 2 years of litigation, it recently devised
a plan to complete the projects that the NCLT approved in the May 24 order.
NCLT technical member Atul Chaturvedi and NCLT judicial member Bachu Venkat Balram Das in the
order said, “We came up with the considered view that the resolution professional committed an error and
followed an incorrect method in the counting of votes. Therefore, we approve the withdrawal proposal (of
the developer).”
The order clarified that homebuyers are treated as a single class for all purposes, be it for the approval of
the resolution plan or for passing a resolution under Section 12A of the Insolvency and Bankruptcy Code,
2016.
Mangal Sharma & Saurabh Rajpal, the developer’s counsels, called the order historic, saying, “After 2
years of CIRP (corporate insolvency resolution process), the NCLT decided to revive Sidhartha
Buildhome on the assurance that it would provide flats to homebuyers.”
Amit Lal, a Siddhartha Estella homebuyer, said, “Our decade-long wait seems to have come to an end. We
will get our dream homes now.”
Nidhi Singh, an NCR One/Greens homebuyer, said, “For us, the dream to own flats will now turn into a
reality. We hope to get the flats with occupation certificates and all necessary amenities.”
Krishan Bajoria, the chief operating officer (COO) of Sidhartha Buildhome Private Limited, said, “The
order has vindicated our stand that we are committed to providing homes to homebuyers in a time-bound
manner. We promise to start the construction under the appointed monitoring committee as soon as we
complete the formalities.”
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