Raheja Developers moves NCLAT against insolvency

Raheja Developers is facing insolvency proceedings initiated by flat buyers of its Gurugram-based Shilas project. The buyers allege a default of Rs 112.90 crore due to non-delivery of units. Raheja Developers, however, claims the delay was due to unforeseen circumstances. The case is now before the National Company Law Appellate Tribunal (NCLAT).
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