NCLT starts liquidation process of Rohtas Ltd

LUCKNOW: The National Company Law Tribunal (NCLT) has started the liquidation process of the Rohtas Projects Limited, one of the prominent developers in the state capital, after it failed to return investors’ money invested at its Sultanpur road project.

With the appointment of Insolvency Resolution Professional (IRP) Mukesh Gupta, the NCLT, New Delhi, has set the ball rolling to liquidate properties of the Rohtas builders.

The Insolvency Resolution Professional has issued a public notice seeking details of claims from homebuyers, who had invested at the Sultanpur Road project of the developer- the Rohtas Crescent.

The IRP issued a public notice on October 17 and has set a deadline of October 29 for investors to submit details of their claims.

According to the UP Real Estate Regulatory Authority’s (RERA) records, around 2500 homebuyers have invested in the Rohtas’s Sultanpur Road township.

It was in 2012, Rohtas had started booking houses for its project in Lucknow.

But till date, the developer has not able to start construction work and neither it is able to get approval for the DPR (detailed project report).

It may be pointed out that last month after mediation by the UP RERA and the Lucknow Development Authority, the Wing Constructions and Developers Pvt Limited had agreed to complete the pending housing project at the Rohtas Crescent at Sultanpur Road in the state capital.

The successful mediation by the two government bodies came as a relief for 2500 homebuyers who have booked plots/houses in the Rohtas Crescent project.

ACCORDING TO UP RERA’S RECORDS, AROUND 2500 HOMEBUYERS HAVE INVESTED IN THE ROHTAS’S SULTANPUR ROAD TOWNSHIP

After financial breakdown of the Rohtas developer those who have invested in the project were running from pillar to post to get possession of their houses.

The Wing Constructions was given a deadline of six months to complete first phase of the project spreads into 25 acres. Remaining project was to be completed in the next two years.

However, before the Wing Constructions could start work, the National Company Law Tribunal declared the developer (Rohtas) insolvent and ordered liquidation process and appointed the Insolvency Resolution Professional.

HOW TO CONTACT

Homebuyers can send details of investment through email crip.rohtas@rediffmail.com. They also have the option to send it through post in various formats like in CD and DVD at the postal address F-1, Milap Nagar, Uttam Nagar, New Delhi- 110059.

They can also submit details personally by visiting the office in New Delhi.