09/06/2026
reviewed the NCLT Principal Bench order dated 08 June 2026 concerning Raheja Revanta, Sector 78, Gurugram.
The key takeaway is that the NCLT has admitted the insolvency proceedings (CIRP) for the Raheja Revanta project under Section 7 of the Insolvency and Bankruptcy Code. The petition was filed by 176 homebuyers holding 99 units in the project.
The Tribunal has recorded that:
Revanta was launched in 2011.
Possession was contractually due within 36–48 months.
Homebuyers have collectively paid approximately Rs 137.16 Cr towards their units.
Despite substantial collections, possession has not been delivered and the project remains incomplete.
The developer's defence that delays were caused by external infrastructure issues, approvals, roads, utilities and other government-related matters was not accepted by the Tribunal. NCLT held that homebuyers cannot be made to wait indefinitely and concluded that default stands established.
A significant aspect of the order is that the CIRP has been restricted exclusively to the Raheja Revanta project, in line with earlier NCLAT directions on project-specific insolvency. Accordingly, Revanta's assets, receivables, inventory and cash flows will be ring-fenced and dealt with separately from other Raheja projects.
The Tribunal has appointed Truue IPE LLP as Interim Resolution Professional (IRP) and directed commencement of the insolvency resolution process for Revanta. A separate project account is to be maintained, and all project-related assets and receivables will come under the supervision of the IRP.
The order also records that both Raheja Developers and EARCL had placed proposals regarding induction of strategic developers/investors for revival and completion of the project. However, NCLT found that no concrete or implementable plan had been presented and therefore proceeded with admission of the CIRP.
Assessment:
This is a positive development for Revanta homebuyers as the project has now entered a court-supervised resolution framework. The likely focus of the process will be evaluation of revival, funding and project completion options through investors, developers and stakeholders. While possession is not immediate, the order materially improves the prospects of an organized resolution and completion of the project.
We should closely monitor the public announcement by the IRP, verify our claim status, and actively participate in the homebuyers' representation process during the CIRP.
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