Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
The National Company Law Tribunal (NCLT) has approved a resolution plan for Universal Buildwell Private Limited's delayed projects, which is a significant relief for more than 1,000 homebuyers. This decision allows the homeowners' association to oversee construction and ensure its timely completion. The builder, which had launched several projects in Gurugram and Faridabad, faced insolvency in 2018 due to the non-delivery of units. The case took a significant turn when the former promoters, who had been absconding, were arrested in 2024. The approval of the resolution plan marks a crucial step forward, setting a precedent for homebuyers' associations to take control of stalled developments.
A resolution plan for Universal Buildwell Private Limited's long-stalled projects has been approved by the National Company Law Tribunal (NCLT), which is a major victory for over 1,000 homebuyers. This decision enables homebuyers, through their association, to take charge of completing the construction in a structured and time-bound manner. Advertisement
The NCLT Bench, led by Justice Ashok Kumar Bhardwaj and Justice Subrata Kumar Dash, approved the plan, providing long-awaited relief to affected homebuyers. Representing the resolution professionals were Advocate Swapnil Gupta, Advocate Shivambika Sinha, Advocate Vaibhav Mendiratta, and the legal team of Capital Law Chambers LLP. Meanwhile, Senior Advocate P. Nagesh and Advocate Harshal Kumar represented the homebuyers' interests.
Universal Buildwell, founded by Raman Puri and his family in 2004, had undertaken multiple residential and commercial projects in prime locations of Faridabad and Gurugram, such as Universal Aura, Universal Greens, Universal Business Park, Universal Prime, Universal Square, Market Square, and The Pavilion. However, the builder's inability to complete and deliver these projects led to insolvency proceedings initiated by the NCLT in 2018. Subsequently, Atul Kumar Kansal was appointed as the resolution professional.
The arrest of the company's former promoters, who had been evading justice for years, by the Delhi Police's Economic Offences Wing in 2024, marked a watershed in the case. Given the scale of the issue, spanning multiple large-scale projects and impacting over 1,000 homeowners, the case was particularly complex.
In an unprecedented move, homebuyers pooled their financial resources to facilitate construction for three projects and settle outstanding dues with banks. Resolution Professional Atul Kumar Kansal worked closely with them to devise a viable completion plan. The NCLT Bench's approval of this resolution marks a crucial milestone, enabling the homebuyers to finally secure possession of their units.
This development serves as an encouraging example for other homebuyers affected by stalled projects, demonstrating how collective action can lead to resolution. The approval of this plan sets a precedent for similar cases, offering a viable path forward for distressed homebuyers across the country.
The NCLT's approval of the resolution plan for Universal Buildwell is a landmark decision that empowers homebuyers to take control of stalled projects. By forming an association and contributing financially, the affected buyers have managed to push forward a plan that ensures the timely completion of their homes. This case highlights the importance of legal recourse and collective action in addressing real estate disputes. Furthermore, it sets a precedent for future cases, encouraging homebuyers to explore similar avenues to resolve pending issues.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
