In a move that is indicative of the ill health of the real estate sector in the national capital region, the National Company Law Tribunal (NCLT) has initiated insolvency proceedings against The 3C Company, after five homebuyers, who have invested in its Noida-based Lotus Zing project, filed a plea in the tribunal over project delays. With this, the cash-strapped developer has joined the dubious league of NCR builders such as Amrapali, Jaypee and Unitech who are stating at insolvency.
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NCLT Admits Lotus Zing Buyers’ Plea; Launches Insolv
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Last update - 23-10-2019