NOIDA: The 3C Company on Thursday became the third major Noida-based developer after Jaypee and Amrapali to become embroiled in insolvency proceedings.
“While the NCLT has started proceedings against Granite Gate, we presume this development will affect all other 3C Company projects in due course of time,” Parolia added.
The IRP has 180 days to resolve the matter, with the provision of 90 days extra to close it.
The buyers in this case are to be considered financial creditors,” said Aditya Parolia, partner PSP Legal, which is representing 3C buyers.None of the 3C company’s ‘Lotus’ brand projects is complete, except Espacia.
The developer has missed several deadlines for completion of the two projects.
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