NEW DELHI: Emaar MGF Land Ltd has become the latest developer to join the insolvency club after the National Company Law Tribunal (NCLT) Delhi ordered the merging of all cases against it and ordered all peititoners to file claims before the resolution professional (RP) appointed by it.
A home buyer who bought an apartment in one of its projects called Palm Greens in Gurugram for Rs 91 lakh had moved court, pleading that even though he paid Rs 88.49 lakh, the flat was not delivered to him within the promised time as per the builder-buyer agreement.
On the top of that there was no compensation paid to the buyer. Many more homebuyers have joined him with petitions gainst the developer since.
“It is needless to state that the resolution professional shall consider their claim in accordance with the law. If the order of admission is set aside by any Supreme Court then an application for revival of the petition would be competent,” said presiding Judge MM Kumar.