REAL ESTATE SUBSIDIARY GROUP TO BE DECLARED BANKRUPT

LUCKNOW: The National Company Law Tribunal (NCLT) has started the process to declare the Clarion Townships Private Limited, a subsidiary of the Rohtas group, a real estate company, bankrupt for failing to complete the project even after seven years.Mukesh Gupta, the Insolvency Resolution Professional (IRP) appointed by the NCLT, has already received details of claims from homebuyers. These homebuyers had invested in the Rohtas Platina, a group housing project of the developer. The housing project was to come up in the state capital. After completing the bankruptcy proceedings in the next six months, the Insolvency Resolution Professional will start proceedings to return money to homebuyers.

Construction work began on July 13, 2012, and around 250 flats were booked. The proposed completion date of the project was July 31, 2022.

However, only foundation of the housing project was dug up. As a last resort, homebuyers approached the National Company Law Tribunal and lodged a complaint against the promoter.

“The National Company Law Tribunal has started bankruptcy proceedings against the Clarion Townships Private Limited, a subsidiary of the Rohtas group,” said Alok Singh, convenor, Uttar Pradesh Aggrieved Home Buyers Rights Association.