Ghaziabad: 12 years after launch, a ray of hope for Indirapuram Habitat Centre buyers – ET RealEstate

GHAZIABAD: Twelve years since the launch of the project, there’s finally a ray of hope for some 2,000 allottees of the Indirapuram Habitat Centre (IHC). The insolvency resolution professional appointed by the National Company Law Tribunal (NCLT) has invited resolution applicants for the completion of the shopping centre in Ahimsa Khand. The last date for submission of applications is August 25.

Incorporated in 2002, Indirapuram Habitat Centre Ltd launched the Indirapuram Habitat Centre project six years later. The project was sold to some 2,000 allottees but only 300 of them were handed over shops and commercial spaces subsequently. In 2019, Diamond Traexim, a financial lender, raised an insolvency bid against IHC to recover a debt of Rs 16 crore.

After NCLT admitted the case in August last year, the other allottees claimed their stake in the resolution process as financial creditors. The promoter, Pramod Goel was later arrested after it emerged that he had sold shops and then mortgaged them to raise funds.

The IRP has invited the resolution applicants to respond through the publication of Form G under Regulation 36A (1) of the Insolvency and Bankruptcy Code (2016). According to the timelines, the resolution plans should be submitted by August 25 for shortlisting and approval by October this year.

Some allottees have heaved a sigh of relief. “It has been a long wait for us and we are finally expecting a speedy resolution,” said Tarun Gandhi.

However, others want refunds. “We want our hard-earned money back. We have made full payment for the shop and can’t afford to make any new investment,” Navaraj Navi Mishra, another buyer.

“The completion of the project will take not more than Rs 100 crore, but the builder has raised around Rs 500 crore through multiple mortgages of same allotments in the market. So the resolution process has to be neutral for the original allottees and the other investors who have lent money against the mortgage,” said Harshal Kumar, an associate of lawyer P Nagesh representing the IHC shop owners association, said.

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