Sethi Venice Sector 150, Noida

The National Company Law Tribunal (NCLT) dismissed an application by 8 homebuyers in the Sethi Venice project seeking deferment of a Section 7 application, stating that initiating CIRP would affect the project due to Noida's actions. The NCLT noted that the CIRP process would replace the Corporate Debtor with a Resolution Professional expected to continue the Corporate Debtor's functions.

M/s Esthetic Buildtech Pvt. Ltd., the developer of Sethi Venice, filed a petition against the Noida Authority. The petitioner had launched the project after getting the allotment of the plot and the project was registered with RERA. The building plans approved in 2016 expired in 2021, and the petitioner approached the authority for revision and re-validation of the building plan.