NEW DELHI: Providing a major relief to Raheja Developers , the National Company Law Appellate Tribunal NCLAT ) has set aside the insolvency proceedings against the NCR-based real estate firm and handed over the management of the company back to its board of directors. "If the delay is not due to the 'corporate debtor' but force majeure, it cannot be alleged that the 'Corporate Debtor' (Raheja) defaulted in delivering the possession," said the NCLAT.The NCLAT also questioned the role of its flat buyers and observed that they moved the NCLT to initiate insolvency proceedings against the company "fraudulently with malicious intents".The NCLAT said that Raheja Developers had offered possession of flats to the buyers but they wanted refund of the amount with more interest and refused to take the actual amount in terms of flat buyer's agreement. "We have no other option but to set aside the impugned order dated August 20, 2019. As per the agreement, possession was to be delivered within a period of 36 months, which was not fulfilled. The buyers had moved the NCLT claiming default.According to the real estate firm, there was no default from its part as the handing of possession was subject to provisioning of the infrastructure by the government in the area and it has received the occupation certificate in 2016.

Source: Economic Times January 26, 2020 11:15 UTC