07 May 2019
Flat Buyers of Lotus Boulevard and Lotus Panache in Noida closer to relief: Builders Purvanchal and Jaipuria have qualified to put forward proposal to complete 3500 flats pending completion
In matter that is pending before the Ld. National Company Law Tribunal regarding the non completion and delivery of about 3500 apartments by the 3C Company and its SPV Granite Gate, after the due appointment of an Insolvency Resolution Professional, a total four builders came forward and out of them two Noida-based builders namely Purvanchal and Jaipuria have qualified to put forward their proposal to the Committee of Creditors for completion of the apartments. Lotus Panache in Section 110 Noida has 3000 flats due completion whereas Lotus Boulevard has 500 flats due completion and the present takeover of crisis-hit Granite Gate real estate company is being done to allow completion of their projects from construction to issuance of final occupancy certificates. The Orders passed in the case can be perused by searching for the cause title Shinoy Koshy vs. M/s Granite Gate Properties Pvt. Ltd. (IB 1248(PB)/2018).