3C Company's Subsidiary To Face Insolvency Proceedings
Over 3,500 homebuyers in 3C Company’s Lotus projects – Lotus Panache in Sector 110 and Lotus Boulevard are staring at uncertain times. A two-member bench headed by National Company Law Tribunal (NCLT) president Justice M M Kumar has finally allowed insolvency proceedings against the company after small groups of aggrieved homebuyers approached the NCLT for help after the developer firm turned down their request for refunds. This is the third big realtor in the national capital region after Jaypee and Amrapali against which the NCLT has accepted an insolvency petition. However, unlike 3C Company where the buyers have moved the NCLT, it is the banks which have moved an insolvency petition in the above-mentioned cases.