Earlier, the National Company Law Tribunal (NCLT) had denied its approval following opposition filed by some of the allottees and was challenged before the appellate tribunal NCLAT, which had remanded the matter back with certain directions. The resolution plan offers "100 per cent of the principal of farmer s compensation (Rs 71.66 crore), which is included in Rs 173.46 crores agreed to pay to Yamuna Expressway Industrial Development Authority (YEIDA)".
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NCLT Delhi rejects resolution plan submitted for housing project in Yamuna Expressway
Resolution plan seems to be “totally inequitable, unjust and highly objectionable”, rules NCLT and directs liquidation of Lotus City project promoted by Three C Company
Coming to the rescue of homebuyers, the National Company Law Tribunal (NCLT) has rejected the resolution plan submitted for a housing project by Three C Company located along the Yamuna Expressway in Sector 22 A, saying that the treatment meted to them as financial creditors in the resolution plan seems to be “totally inequitable, unjust and highly objectionable as the successful resolution applicant is taking away the corporate debtor at a value which is nothing but just a pittance” and directed liquidation proceedings against Lotus City.