NCLT i.e the National Company Law Tribunal in Delhi recently issued a show cause notice to DLF Home Developers which is a sister company of DLF and asked them why not to initiate the corporate insolvency resolution process against them.
Deepti Mukesh the judge, in this case, directed the company to file its reply on the same by 18 January 2019. The judge also said that the notice is equally related to DLF Capital Greens, which is a residential project located in New Delhi.
The notice is issued to the company in response to the case filed by a home buyer who booked a flat in DLF Capital Greens in 2010.
The lawyers representing the petitioner said that the company didn’t handover the builder-buyer agreement yet even as it that was supposed to be offered in 2013. Also, the possession date for the same was then revised and shifted to 2015 but again this also never happened.
Initially, the case was filed in NCLT-Chandigarh under section 7 of Insolvency and Bankruptcy Code 2016 against the then DLF Universal Limited. But, the case was transferred to the Delhi branch as the developer appealed to shift the case in national capital saying that the business has now been de-merged to DLF Home Developers.
Also, the home buyer who is the main petitioner, in this case, seek a refund of the money invested by him and also filed a case in NCDRC against DLF Home Developers for the same.