The National Company Law Tribunal (NCLT) has approved the segregation of the CHD Vann project from the ongoing Corporate Insolvency Resolution Process of CHD Developers Ltd. The order brings long-awaited clarity to hundreds of homebuyers and enables the project to progress under the exclusive responsibility of Roots Developers Pvt. Ltd.
CHD Vann, a residential development in Sector 71, Gurugram, spread over 10.5 acres and consisting of 12 towers with a total of 569 units of two, three and four BHK configurations, was launched in March 2014. In fact, the project was to be handed over in October 2018, but after the financial fall of CHD Developers and the limitations imposed by the following insolvency proceedings, the progress was stopped. The Tribunal's order is like a ray of hope and comfort to the homebuyers who haven't known what to expect for over seven years and now can finally see some light.
This judgment is not just a legal milestone but also underscores the transparent and buyer-centric approach maintained throughout the proceedings. The Tribunal placed due reliance on the consent terms and the Memorandum of Understanding (MoU) which formed the foundation of the Court’s decision, reflecting a process where every step, submission, and settlement was placed on record in a transparent and compliant manner.
Once the Resolution Professional formally hands over the project in accordance with the MoU and consent terms, and all legal compliances are completed, Roots Developers is fully prepared to take charge and move the project forward.
Roots Developers also received overwhelming support from the Committee of Creditors (CoC)subsequent to Roots entering into Memorandum of Understanding with homebuyers,securing their rights, and entering into consent terms with Edelweiss ARC defining the financial framework. With these components in place, the Tribunal granted approval for the segregation, paving the way for uninterrupted progress.
Rajan Yadav, Director, Roots Developers Pvt. Ltd. said, “We wholeheartedly welcome the Tribunal’s decision. This order brings immense relief to CHD Vann homebuyers who have waited far too long for certainty. Our journey has been rooted in transparency, responsibility, and a deep sense of commitment toward the buyers. We are humbled by the trust homebuyers have placed in us, trust that became the foundation for this outcome. We understand the hopes attached to every home, and we are committed to delivering the project with sincerity and speed.”
Roots Developers is the only landowner that has stepped forward to take full responsibility for delivery, even though such commitment is uncommon in most cases.
After the NCLT order taking effect, Roots Developers is in full control of the implementation and delivery of the CHD Vann project. To keep the process transparent and even, the company will definitely be in touch with buyers and all those who have an interest in the project.
Roots Developers expresses these three principles, honesty, accountability, and trust, over and over again, which have been their turnaround approach and will be their guide in every step leading to home delivery to the buyers.
Image source- scobserver.in
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