NCLT approves Ace Infracity’s masterstroke plan for 3C, which was denied before due to objections by some allottees.
The NCLT has approved the Ace Infracity resolution plan for the financially troubled 3C Homes. The plan received unanimous approval from the Committee of Creditors (CoC), and the NCLT bench acknowledged that it could not interfere with the “commercial wisdom” of the leaders.
Earlier, the NCLT rejected the plan due to opposition from some allottees. However, the NCLT appellate tribunal reviewed the case and sent it back to the NCLT with specific instructions.
Ace Infracity’s resolution plan includes paying 100% of the principal amount, totalling Rs 71.66 crore, as compensation to farmers. This compensation is part of the overall settlement of Rs 173.46 crores agreed with the Yamuna Expressway Industrial Development Authority (YEIDA).
The NCLT, in its 27-page order, expressed satisfaction with the resolution plan, stating that it adequately addressed all objections related to YEIDA dues and land acquisition.
This approval is a turning point for 3C Homes, offering hope for the troubled real estate company and its stakeholders. The NCLT’s endorsement of the Ace Infracity plan demonstrates confidence in its expertise and strategy to revive the company.
With the NCLT’s green light, Ace Infracity can implement its comprehensive plan, potentially bringing stability to the real estate market. The time for the Resolution Plan is 24 months. So, the plots will be developed and delivered to the allottees within this time frame.
The resolution of 3C Home’s debt issues will relieve creditors, allottees, and other stakeholders, positively impacting the broader economy.