Thousands of Homebuyers await approval from NCLT on Resolution applicant (KGK Dhoot) selected by Committee of Creditors. Project stalled. Flat under construction since past 10 years at SARE Homes. Sector 92 Gurgaon.

Tweet from Homebuyers for justice

Our appeal is to NCLT and all relevant authorities (SWAMIH, DTCP, HUDA, etc) to facilitate completion of this project such that homebuyers are relieved from pain of emi's, shattered dreams and sunk investment

Thousands of Homebuyers await approval from NCLT on Resolution applicant (KGK Dhoot) selected by Committee of Creditors. Project stalled. Flat under construction for past 10 years at SARE Homes. Sector 92 Gurgaon.
It has been more than a year the CoC(including 1200+ HBs) voted and selected KGK Dhoot as Resolution Applicant.
But HBs are still waiting for the final approval from the Hon’ble court.
Such delay fails the very purpose of CIPR i.e. time-bound resolution.
HBs have painfully waited for 10 years and are very hopeful with the CIRP process but this delay is a very harassing.

Even Supreme Court in on of its judgement has expressed concerned over such delays” “Judicial delay was one of the major reasons for the failure of the insolvency regime that was in effect prior to the IBC. We cannot let the present insolvency regime meet the same fate,” Justice Chandrachud observed in a 190-page judgment.”
“Such inordinate delays cause commercial uncertainty, degradation in the value of the corporate debtor and makes the insolvency process inefficient and expensive,” Justice Chandrachud noted.

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