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The NCLT has approved separating CHD Vann from the insolvency case of CHD Developers, giving landowner Roots Developers full control to revive the long-delayed housing project in Gurugram’s Sector 71. Launched in 2014, the 10-acre project includes 569 units but stalled after CHD Developers entered insolvency, leaving buyers waiting for over a decade. Under a settlement with Edelweiss ARC, Roots will pay INR 22.9 crore to clear claims and take over all rights to the project. The developer plans to finish construction, deliver homes to existing allottees and sell remaining units to fund completion. The move offers relief to buyers and supports revival of stalled projects in the region.
The National Company Law Tribunal (NCLT) has approved the separation of CHD Vann from the insolvency proceedings of CHD Developers, handing full control to landowner Roots Developers. This decision allows Roots to restart the long-stalled housing project in Gurugram’s Sector 71, which has been on hold for over a decade due to financial challenges faced by CHD Developers. Advertisement
CHD Vann, spread over 10 acres, was launched in 2014 with plans for 12 towers and a total of 569 residential units, including 2, 3, and 4 BHK apartments. Possession was initially promised in October 2018, but construction came to a halt as CHD Developers entered insolvency proceedings. Buyers have been waiting for delivery for years, continuing to pay EMIs and rent during the delay.
The resolution professional, supported by 95.5% of the committee of creditors, applied for the project’s segregation. Under a settlement with lender Edelweiss Asset Reconstruction Company (Edelweiss ARC), Roots Developers will pay INR 22.9 crore to clear all claims. With this, Roots gains full rights over the project, including land, licenses, approvals, and receivables, free from any past insolvency obligations.
Roots Developers plans to complete the construction and deliver homes to existing buyers, who account for roughly half of the units. The remaining flats will be sold at market rates to fund the project’s completion. Existing allottees will contribute a small additional amount as per the agreement. The NCLT’s decision finally ends the 11-year delay, bringing relief to homebuyers who have been financially impacted for years.
This move is expected to boost confidence in stalled residential projects across Gurugram and Haryana. It also highlights the importance of structured legal and financial interventions in reviving long-delayed housing developments, ensuring timely delivery for buyers and creating a model for similar projects in the region.
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