Lotus City, which 3C Homes Pvt Ltd was implementing, went into insolvency on September 6, 2019.
NEW DELHI/NOIDA: The National Company Law Appellate Tribunal (NCLAT) has set aside a liquidation order against Lotus City, a housing project on the Yamuna Expressway, and directed the NCLT to consider the resolution plan afresh.
Lotus City, which 3C Homes Pvt Ltd was implementing, went into insolvency on September 6, 2019. The project was launched as far back as 2012. Throughout the corporate insolvency resolution process (CIRP), only one resolution applicant, Ace Infrastructure, filed a revival plan for Lotus City.
The committee of creditors approved it with a 62.9% vote share, which was considered 100% in favour of the resolution plan in line with the provisions of the Insolvency and Bankruptcy Code. However, the NCLT rejected the resolution plan and ordered a liquidation. It argued that the liquidation value of the project at Rs 480 crore was much higher than the Rs 95 crore requi
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Following the debut of Prime
Lands Residencies’ Initial Public Offering (IPO) yesterday (11), the company’s
oversubscription forecasts proved to be true as the initial 100 million shares
were purchased in record time. The Board of Directors have decided to exercise
the option to issue up to a maximum of a further 87.5 million shares as set out
in the Prospectus. In line with this the Issue will be closing at 4.30pm today
(12 May 2021) and application forms will be accepted until such time.
These investors stand a dual
benefit from the growth of both the real estate market, and the share market,
which has also seen highly positive growth forecasts over the turn of the year