Raheja Developers faces ongoing insolvency proceedings for its Raheja Shilas project in Gurugram as the NCLAT mandates full buyer settlements for closure.

The NCLT Chandigarh bench has admitted Gurugram-based Vatika Real Estate Developers into insolvency proceedings after the company reportedly defaulted on ₹274 crore in dues owed to NCD holders, with IDBI Trusteeship Services filing the petition.

The NCLAT has set aside the NCLT's insolvency order against Mahagun India Pvt Ltd, citing procedural lapses and directing a fresh project-specific hearing. The decision brings relief to thousands of homebuyers in non-defaulting projects.