Greater Noida West: D-day has come, finally 600 homebuyers of RG Luxury Homes, who have been waiting to get possession of their flats for the last 6 years will now get the handover of their flats.
RG Luxury Homes is the first stalled project in Gautam Buddh Nagar district to have been granted the occupancy certificate by the local authority under the reverse insolvency process.
The real estate firm has received occupancy certificates for three more towers bringing the total to seven. There are a total of nine towers in the first phase. This is the first project in Gautam Buddha Nagar to receive an OC after securing an order of Reverse Insolvency from NCLT and completing a stuck project under the supervision of IRP (Interim Resolution Professional), the company said.
What is the Reverse Insolvency Resolution Process?
The reverse insolvency resolution process is a provision in the Insolvency and Bankruptcy Code (IBC) that allows corporate debtors to initiate the resolution process themselves. It’s a mechanism used to revive stressed real estate projects or companies that are undergoing insolvency proceedings. Under reverse insolvency, promoters are required to infuse funds into the project and complete it.
RG Group has completed construction and formalities of another phase of RG Luxury Homes in Greater Noida West and obtained the Occupancy Certificate (OC) for three towers – D, E and F from competent authorities under the supervision of the insolvency resolution professional. The group will be offering possession to 600 flat owners. Last year the group obtained OC for A, B, C and M towers comprising 850 units, the company said in a statement.
The project is spread over 18.5 acres and is located in Sector-16B in the Greater Noida West, Uttar Pradesh. There are a total of nine towers that went into insolvency. The remaining two towers are under construction and will be delivered soon. The first phase has a total of 1918 units, it said.