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YEIDA will contest NCLT nod to Ace Infracity resolution plan for 3C Homes

Dated on: Wednesday 5th July 2023

The Yamuna Expressway Authority (YEIDA) has decided to challenge the approval of a resolution plan for the Lotus City residential plots project in Sector 22 by the National Company Law Tribunal (NCLT) in June. The NCLT, consisting of Atul Chaturvedi and Bachu Venkat Balram Das, expressed satisfaction with the resolution plan amounting to Rs 140.39 crore, submitted by Ace Infracity Developers. They deemed it compliant with the provisions of the Insolvency and Bankruptcy Code (IBC) as well as the regulations set by the Insolvency and Bankruptcy Board of India (IBBI). The plan received a unanimous endorsement from the Committee of Creditors (CoC) with a 100% vote. However, YEIDA intends to challenge this approval.

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