Gurugram, 12 December: The National Company Law Tribunal (NCLT) has approved the segregation of the CHD Vann project from the ongoing Corporate Insolvency Resolution Process of CHD Developers Ltd. The order brings long-awaited clarity to hundreds of homebuyers and enables the project to progress under the exclusive responsibility of Roots Developers Pvt. Ltd.
CHD Vann, located in Sector 71, Gurugram, was launched in March 2014 as a 10.5 acre residential development comprising 12 towers and 569 units across two, three and four BHK configurations. Although the project was originally scheduled for possession in October 2018, progress came to a halt due to the financial collapse of CHD Developers and the restrictions that accompanied subsequent insolvency proceedings. The order issued by the Tribunal now provides long awaited clarity and relief to the homebuyers who have faced uncertainty for more than seven years.
This judgment is not just a legal milestone but also underscores the transparent and buyer-centric approach maintained throughout the proceedings. The Tribunal placed due reliance on the consent terms and the Memorandum of Understanding (MoU) which formed the foundation of the Court’s decision, reflecting a process where every step, submission, and settlement was placed on record in a transparent and compliant manner.
Once the Resolution Professional formally hands over the project in accordance with the MoU and consent terms, and all legal compliances are completed, Roots Developers is fully prepared to take charge and move the project forward.
Roots Developers also received overwhelming support from the Committee of Creditors (CoC)subsequent to Roots entering into Memorandum of Understanding with homebuyers,securing their rights, and entering into consent terms with Edelweiss ARC defining the financial framework. With these components in place, the Tribunal granted approval for the segregation, paving the way for uninterrupted progress.
Rajan Yadav, Director, Roots Developers Pvt. Ltd. said, “We wholeheartedly welcome the Tribunal’s decision. This order brings immense relief to CHD Vann homebuyers who have waited far too long for certainty. Our journey has been rooted in transparency, responsibility, and a deep sense of commitment toward the buyers. We are humbled by the trust homebuyers have placed in us, trust that became the foundation for this outcome. We understand the hopes attached to every home, and we are committed to delivering the project with sincerity and speed.”
Roots Developers is the only landowner that has stepped forward to take full responsibility for delivery, even though such commitment is uncommon in most cases.
With the NCLT order now in place, Roots Developers assumes complete charge of the execution and delivery of the CHD Vann project. The company will continue maintaining open communication with homebuyers and all stakeholders, ensuring a transparent and steady path toward timely completion.
As work moves ahead, Roots Developers reiterates its core values-transparency, responsibility, and trust, which have been central to its approach and will continue to guide every decision in the journey toward delivering homes the buyers deserve.—
Regards, Sadam Husen
Associate Account Director
