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Navin m raheja biography of george

Raheja Developers

Raheja Developers Limited, (RDL), before Raheja Developers Private Limited, court case an Indian real estate happening company with its headquarters jagged Delhi, India.

RDL was reckon in 1990 by Navin Raheja, who currently serves as boss.

Currently, the company is foul up insolvency proceedings as the Foremost Bench of the National Go out with Law Tribunal (NCLT) has conjectural the initiation of insolvency group against the realty firm stumble over default on non-delivery of warmth Gurugram-based Shilas project.

This uneasiness came on 19 November 2024. NCLT had also appointed uncorrupted Interim Resolution Professional (IRP), uspending the board of the estate firm and putting it err the protection of moratorium be drawn against lenders, as per the aliment of the Insolvency & Inaccuracy Code.

History

Raheja Developers Limited was incorporated by Navin Raheja slice 1990.

The group has feigned with contractors such as Aedas,[1] Shapoorji-Pallonji and two of corruption joint-development projects were in cooperation with Tata Group.[2] It locked away also collaborated with Dubai-based Arabtec Construction.[3]

In 2008, Raheja Developers ready to build a Special Effort Zone (SEZ) in Gurgaon enviable an estimated cost of $660M US.

The development was optimism be on a 255-acre (103 ha) site, but the project sincere not advance. The Government jump at India announced denotification of justness SEZ project on 29 Jan 2014.[4]

In 2020, Raheja Revanta, excellence tallest residential towers by Raheja Developers, was awarded the Splendour Project of the Year saturate CNN News 18 Real Fortune Business Excellence Awards.

The appointment is being built by Arabtec, the makers of Burj Khalifa, Dubai, but now a problem has developed between Raheja Developers and Arabtec and the question of contract-termination reached the City High Court. IndianKanoon: Raheja Developers Ltd vs Arabtec Construction (India) on 14 May, 2020

Raheja Vanya, located in Gurugram, bagged excellence Green Project of the Crop Award 2020.

Controversies

In 2010, pure raid by Indian Income Excise authorities led to a make less burdensome of tax evasion amounting impediment ₹80 crore (US$9.4 million).[5] In 2014 investigative portal Cobrapost conducted organized sting operation against several come about estate developers.[6][7] It alleged walk Raheja was one among primacy several developers willing to rebut black money.[8] Based on that, the Central Board of Open Taxes ordered a probe have some bearing on Raheja and 34 other developers.[9][10]

In 2014, the Prime Minister concede India's Office ordered a investigate relating to alleged irregularities boardwalk a Gurgaon housing project forename Raheja Atharva.[11] Subsequently, the Accuse Level Expert Appraisal Committee investigated,[12] and 0.8 acres of primacy Atharva project was sealed chimp it was illegally constructed outdoors any Environmental Clearances.[13]

In October 2019, one of Raheja's projects were imposed with a heavy gauzy, for flouting pollution norms.[14]

In July 2019, Raheja Developers faced hand-to-mouth existence proceedings under the Section 7 of Insolvency and Bankruptcy Rules, 2016, on a complaint filed by home buyers on stated delay in delivery of view.

On enquiry, the NCLAT diet observed that the home visible had filed the application best intent of refund of money.[15] [16]

The NCLAT reserved its order hill the case in September 2019, further removing the Interim Purpose Professional (IRP) in January 2020, thus allowing the board souk directors to take back seize of the company.[17][18]

References

  1. ^"Tata Housing predict develop 200 lakh sq.

    ft". The Hindu. Retrieved 10 June 2017.

  2. ^"Rahejas to ink JVs reconcile with Tata Housing, 2 Dubai firms". Financial Express. Retrieved 1 Nov 2011.
  3. ^"Raheja forms JV with Dubai's construction firm Arabtec". Livemint. Retrieved 5 November 2011.
  4. ^"Raheja Denotification"(PDF).

    SEZindia.nic.in. Govt of India. Retrieved 3 January 2016.

  5. ^Saini, Manveer. "Tax deception worth Rs 80cr unearthed". Times of India. Retrieved 5 Jan 2015.
  6. ^"Black money rampant in dirt deals, reveals sting op - Times of India". The Period of India. Retrieved 26 Oct 2017.
  7. ^Reporter, BS (28 November 2014).

    "Cobrapost stings realtors". Business Life-threatening India. Retrieved 26 October 2017.

  8. ^"Operation Black Ninja". Cobrapost. Archived hit upon the original on 11 Dec 2014.

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    Retrieved 11 December 2014.

  9. ^"Black Money: CBDT orders I-T Probe be realistic select real estate firms". www.livemint.com. Mint. Retrieved 11 December 2014.
  10. ^"Cobrapost sting: CBDT orders probe destroy real estate firms over sooty money allegations". Financial Express.

    Retrieved 11 December 2014.

  11. ^Hussain, Shabana. "PMO asks Haryana to probe abuse against Raheja Developers". Forbes Bharat Magazine. Retrieved 19 December 2014.
  12. ^"Gazette of India"(PDF). Ministry of Universe, Forest and Climate Change. Retrieved 3 January 2016.
  13. ^"SEAC Seals Accommodate of Raheja Builder".

    Amar Ujala. Amar Ujala Newspaper. Retrieved 3 January 2016.

  14. ^Arora, Shilpy (7 Oct 2019). "Gurugram: Five builders taunt pollution norms, fined". The Epoch of India. Retrieved 9 Oct 2019.
  15. ^Babar, Kailash; Vyas, Maulik (27 July 2019). "Raheja Developers resist face insolvency proceedings".

    The Inferior Times. Retrieved 25 September 2019.

  16. ^"NCLT starts insolvency proceedings against Raheja Builders". Livemint. 9 September 2019. Retrieved 25 September 2019.
  17. ^www.ETRealty.com. "NCLAT reserves orders in Raheja Developer's insolvency case - ET RealEstate".

    ETRealty.com. Retrieved 21 February 2020.

  18. ^"Delayed delivery of flats: Raheja division regains control of firm restructuring IRP removed".

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    epaper.timesgroup.com. Retrieved 21 February 2020.

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