3C's Lotus firm undergoes insolvency proceedings

The 3C Company on Thursday became the third major Noida-based developer after Jaypee and Amrapali to become embroiled in insolvency proceedings. In response to a plea by buyers who have not received their flats, the National Company Law Tribunal (NCLT) appointed an interim resolution professional to resolve the financial liabilities of Granite Gate Company, the 3C subsidiary that is building its ‘Lotus’ brand projects —Panache and Boulevard. The IRP has a maximum 270 days for the resolution, following with the two projects could be pushed into liquidation. This will directly affect around 3,500 buyers who are yet to get their flats in Lotus Panache (Sector 110) and Lotus Boulevard (Sector 100). The NCLT stepped in after a small group of aggrieved homebuyers approached it last year when their demand for refund of investments was turned down by 3C.