Ravichandran Ramachandran IP
Corporate debtor was into Real estate. Many people had paid advances but did not pay full amount , since, there was already huge delay of 6 years and were apprehensive about completion of the Project. There were other issues with other lands of the CD.
Solution: It was decided to delink the home buyers’ issues from other issues of the CD. Quotes from external contractors were recd to complete the project. Homebuyers’ were informed about these developments and were assured that the Project would be completed. With that assurance, homebuyers came forward to pay the balance and register the flats in their names. This solved the Company’s Cashflow problem during CIRP. Hon’ble NCLT was informed of these solutions and accepted by Hon’ble NCLT also. Thus the home buyers’ issues were delinked and liquidation was ordered for the Company sans the homebuyers’ project.
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