Yeida Will Contest Nclt Nod To Ace Infracity Resolution Plan For 3c Homes, ET RealEstate

July 5, 2023

NOIDA: The Yamuna Expressway Authority (YEIDA) will challenge the National Company Law Tribunal’s (NCLT) June order approving a resolution plan for the 3C Home’s Lotus City residential plots project in Sector 22.

On June 13, a two-member NCLT bench, comprising Atul Chaturvedi and Bachu Venkat Balram Das, expressed satisfaction with the Rs 140.39 crore resolution plan, submitted by Ace Infracity Developers, deeming it compliant with the provisions of the Insolvency and Bankruptcy Code (IBC) and regulations of the Insolvency and Bankruptcy Board of India (IBBI). The plan was cleared by the Committee of Creditors (CoC) with 100% votes.

Yamuna Expressway Authority had previously raised objections to the resolution plan in the NCLT over dues, however, these were dismissed by the National Company Law Tribunal.

On Tuesday, Yamuna Expressway Authority CEO Arun Vir Singh said the decision to prepare an appeal against the NCLT order in the National Company Law Appellate Tribunal (NCLAT) was taken at its 77th board meeting on June 26 to safeguard the industrial authority’s interests and ensure the resolution plan aligns with their expectations.

“The legal department, along with other relevant departments, has been directed to initiate the appeal process, with the deadline for filing the appeal set for July 12,” Singh said.

Yamuna Expressway Authority has argued that Ace Group was acquiring nearly 100 acres of land by paying a significantly low amount of Rs 67.12 crore towards dues and Rs 506 crore as per the lease deed obligations of 3C Homes, the corporate debtor.

The National Company Law Tribunal order, however, upheld Rs 67 crore as an adequate settlement for farmers’ compensation. In a comprehensive 26-page order, the National Company Law Tribunal expressed satisfaction with the resolution plan, stating that it effectively addressed all concerns related to Yamuna Expressway Authority’s dues and land acquisition.

The National Company Law Tribunal’s decision brought a sense of relief to the over 500 allottees of Lotus City, many of whom are waiting for their plots for 12 years.

  • Published On Jul 5, 2023 at 09:05 AM IST

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