AUTHORISED REPRESENTATIVE FOR GRANITE GATE PROPERTIES PRIVATE LIMITED, MS. RAKESH VERMA Vs. M/S NEW OKHLA INDUSTRIAL DEVELOPMENT AUTHORITY

JUDGEMENT

(1.) Yet another case highlighting the plight of home buyers, who invest their hard-earned life savings for a roof over their heads, on promises of living in style and luxury, in grandiose high-rise buildings promised by the developer, with exotic names, end up with the realization that it was all a pipe dream.

(2.) Here, we are faced with a developer who took on perpetual lease, at a high premium, two plots of land to put up highrise buildings; apartment complexes thereon. On lease granted by the New Okhla Industrial Development Authority (NOIDA), two projects were advertised; one in Sector 100 and the other in Sector 110, called project 'Lotus Boulevard' and project 'Lotus Panache' respectively.

(3.) The developer M/s Granite Gate Properties Private Limited, ran into rough weather and was declared a Corporate Debtor (CD). The Committee of Creditors (CoC) was constituted of the home buyers who formed a Class of Financial Creditors. A Resolution Plan was approved and is to be put in motion through the Successful Resolution Applicant (SRA).