NCLT Approves Rs 367.93-Crore Resolution Plan for Three C Green Developers

• NCLT approves Rs 367.93-crore revival plan for Three C Green Developers.
• CBI directed to investigate alleged Noida Sports City land allotment scam.
• Homebuyers offered plot, apartment, or phased refund options.

Noida: The National Company Law Tribunal (NCLT) has approved a Rs 367.93-crore resolution plan for financially stressed Three C Green Developers Pvt Ltd, paving the way for the completion of the long-delayed Lotus Yardscape Phase-I project in Noida.

Along with approving the revival plan, the tribunal has directed the Central Bureau of Investigation (CBI) to investigate alleged irregularities involving the allotment of Sports City land. The order is significant as it seeks to protect homebuyers while also addressing allegations of large-scale misconduct in one of Noida’s biggest real estate controversies.

The resolution plan, submitted by Gurugram-based Hynite Farms Private Limited, received 84.83% approval from the Committee of Creditors (CoC) in June 2025. The total value of the plan is Rs 367.93 crore, including Rs 94.03 crore for insolvency-related costs and payments to creditors, while Rs 273.90 crore has been earmarked for completing the stalled housing project.

Homebuyers have been offered three choices: plots at Rs 30,000 per square yard, high-rise apartments at Rs 10,000 per sq ft, or a phased refund of their principal amount.

The tribunal also resolved a long-standing dispute over dues payable to the Noida Authority. After discussions following a Supreme Court order, the outstanding amount was revised to approximately Rs 212.11 crore, replacing the earlier disputed figure.

The authority has withdrawn its objections to the resolution plan after both sides agreed on a payment schedule. The NCLT, however, clarified that the final payable amount may change depending on the outcome of the pending Supreme Court proceedings.

In a major observation, the tribunal referred to the Allahabad High Court’s February 2025 judgment, which highlighted alleged violations in the Noida Sports City land allotment scheme. The High Court had pointed to unauthorized changes in shareholding, failure to develop mandatory sports infrastructure, and irregularities that reportedly caused an estimated Rs 9,000 crore loss to the state exchequer, according to the Comptroller and Auditor General (CAG).

Taking note of these findings, the NCLT directed the CBI to investigate the alleged role of builders and NOIDA officials and appointed former Allahabad High Court judge Justice Dilip Gupta as an independent observer to oversee the implementation of the resolution plan and related proceedings.

The tribunal has fixed a 45-month implementation timeline for the resolution plan. A Monitoring Committee comprising representatives of the resolution professional, financial creditors, homebuyers, and the successful resolution applicant will submit monthly progress reports to the NCLT.

Meanwhile, forensic investigations into suspected fraudulent and undervalued transactions worth around Rs 84.2 crore will continue. A separate application challenging the approval of the resolution plan remains pending before the tribunal, and the implementation of the order will remain subject to its final outcome.

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