#RealtyNewsRoundUp: Liquidator Can Sell Attached Properties Of Insolvency-Hit Cos, Rules NCLT

In a new verdict, the National Company Law Tribunal (NCLT) has removed legal hurdles in liquidation of insolvent companies by setting aside property attachment claims of state-run utilities or operational creditors that have not been paid their dues. The Allahabad Bench of the tribunal has ruled district authorities cannot prevent the sale of land of a bankrupt borrower for its failure to pay to the creditors.

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The Noida District Administration has sought the help of the Confederation of Real Estate Developers Association of India in developing the international airport project at Jewar. The administration has requested the realtors to provide social security to 2,200 families whose land will be acquired for the airport project. It has asked developers to provide the farmers quality housing, healthcare and education facilities.

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Singapore’s sovereign wealth fund GIC has acquired 49 per cent equity stake in developer Provenance Land that owns India’s first Four Seasons hotel. The deal is GIC’s second-biggest transaction in India after it agreed to buy 33.34 per cent in Gurgaon-based DLF’s rental arm for around $1.4 billion last year.

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A Gurgaon-based real estate company has landed itself in trouble by taking cheque bounces lightly. A local court in the city has declared the builder a proclaimed offender over a case of cheque bounce. The cheque was issued to the buyer after the builder failed to deliver the project on time. While ordering attachment of the builder’s bank account, the court has sought a report on the matter by September 16.  

Source: Media reports