KOCHI: Padmanabhan T N still remembers when he booked his apartment in Kochi. It was 2014, and like thousands of non-resident Indians (NRIs), he dreamed of eventually settling down back home. Working in Dubai and Muscat at the time, he invested a big chunk of his life savings in an apartment at Riva, a project of Nucleus Premium Properties Pvt Ltd in Edappally.
What followed was an 11-year ordeal marked by uncertainty, courtroom battles, and the constant fear that the money — and the dream — was lost forever. “We thought we would be left with nothing,” Padmanabhan says. “At one stage, liquidation looked inevitable. If that had happened, the investors would have got nothing at all.”
Padmanabhan was among the more than 200 home allottees across Kochi, Kottayam and Thiruvananthapuram who were left stranded after Nucleus failed to deliver apartments and villas between 2016 and 2017. Many buyers had already paid 60-100% of the agreed price. Years passed, sites remained incomplete, and hope faded.
A turning point came when a group of allottees approached the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016. In November 2021, the tribunal ordered the initiation of the Corporate Insolvency Resolution Process (CIRP), appointing Dileep K P as resolution professional.
“The idea of the IBC is revival, not punishment,” Dileep explains. “Investors had already paid a substantial amount. Under the court-approved resolution plan, the new developer can charge them only the remaining construction cost. This is clearly mandated.”
After multiple bids, homebuyers chose a resolution plan submitted by Sajikumar K P of Buildwell, a firm with experience in reviving stalled housing projects.
The plan was approved by the NCLT in February 2024, paving the way for construction to resume under close supervision by both the resolution professional and the tribunal.’And, one of the earliest successes is Project Riva in Kochi — 40 apartments that are now completed, registered, and ready for handover.
Of the original buyers, 31 stayed on despite the turmoil; two or three exited during the roughest phase. For the remaining investors, the relief is immense.
“This was never just about the money,” Padmanabhan says. “Almost all of us had paid a major portion in advance. Now we are paying only the remaining amount plus the completion cost. The big thing is that we finally got our homes.”
Dileep notes that Buildwell’s commercial incentive lies largely in selling the few unsold apartments at current market rates of Rs 5,500–6,000 per sqft, compared with Rs 2,600–3,000 per sqft paid by early investors. “Buildwell takes over the company with a clean slate, with liabilities wiped out, except bank dues. That is the strength of the insolvency framework,” he says.
More projects are in the pipeline. Buildwell is set to hand over the Raymount project in Kalamassery and the Bayvue project in Kottayam in the second half of 2026, with most remaining work scheduled for completion by early 2027.
For Padmanabhan, now retired and living in Coimbatore, the December 29 handover of his Kochi apartment is deeply personal.
“This was my first flat,” he says quietly. “My dream of settling down in Kochi was in a coma for years. Today, it feels like it has finally come back to life.”