NCLT approves Hynite Farms’ ₹138.7-crore plan for stalled Greater Noida project Manorath

The New Delhi bench of the National Company Law Tribunal (NCLT) has approved Gurugram-based Hynite Farms Pvt Ltd’s resolution plan for Mascot Soho Homes Pvt Ltd. Mascot Soho, now registered as Tresco Homes Pvt Ltd, is the developer of the stalled ‘Manorath’ housing project in Greater Noida. The approval ends an insolvency process that began more than four and a half years ago.

The bench of Mahendra Khandelwal (Judicial Member) and Atul Chaturvedi (Technical Member) approved the plan in an order dated August 11, 2026. The order puts the plan’s value at ₹138.70 crore, or ₹168.23 crore including the monetary value of flats to be handed over to allottees.

Against admitted claims of ₹299.05 crore, the Form H filed by the resolution professional shows a total realisable amount of ₹165.23 crore under the plan. That is 55.25% of admitted claims and 73.88% of principal. It is well above the valuers’ estimates for the company: an average fair value of ₹29.13 crore and an average liquidation value of ₹22.39 crore.

Homebuyers get flats; others take deep cuts

Homebuyers account for most of the claims and 88.34% of the vote in the committee of creditors (CoC). They claimed ₹220.61 crore, of which ₹214.90 crore was admitted. Their recovery comes mainly as completed flats, with an estimated value of ₹140.21 crore.

The other creditors recover far less:

Creditor	Admitted claim	Amount under plan	Recovery
Assenting secured financial creditors	₹26.90 crore	₹7.75 crore	28.81%
Greater Noida Industrial Development Authority (GNIDA), treated as a secured operational creditor	₹50.61 crore	₹17 crore	33.59%
Other operational creditors	₹4.30 crore	₹5 lakh	1.16%
Dissenting unsecured financial creditor	₹1.27 crore	₹3.80 lakh	2.99%

The plan proposes no payment to HDFC Bank. The erstwhile promoters told the resolution professional that they settled HDFC’s dues in full as personal guarantors, and the RP is still obtaining a no-objection certificate from the bank to confirm this. The plan also sets aside a ₹1 crore contingency fund for belated secured creditor claims and unforeseen expenses, and ₹3 crore for CIRP costs.

Funding leans on allottees

According to the plan, Hynite Farms will put in ₹10 crore of its own money as equity or debt. Most of the ₹144.11 crore funding comes from the project itself: ₹86.11 crore in pending and future instalments from existing allottees, and ₹48 crore from selling unsold inventory. Hynite has furnished a ₹2 crore performance guarantee in fixed deposits.

Construction timeline

The plan gives 45 days for revalidating the building map and 60 days for starting construction. Offers of possession are scheduled tower by tower:

• Towers E, F and the commercial units: 8 to 11 months
• Towers C and D: 11 to 14 months
• Tower B: 20 to 24 months
• Tower A: 24 to 27 months

Allottees will be asked for dues under their builder-buyer agreements only after construction resumes. Management and shareholding will pass to Hynite only after its initial fund infusion. Payments to other financial creditors, and the final delivery of units, are due within 820 days of approval.

A plan remitted twice

The CoC first approved the plan with 88.30% of the vote on January 28, 2023. The NCLT sent it back on March 13, 2025, after GNIDA objected. The objection relied on the Supreme Court’s judgment in Greater Noida Industrial Development Authority v. Prabhjit Singh Soni. Hynite then filed an addendum treating GNIDA as a secured operational creditor, which the CoC approved in May 2025.

The plan went back to the CoC a second time on May 7, 2026, on an application by a dissenting financial creditor. This time the tribunal gave directions on a revised offer to secured financial creditors and on the treatment of all verifiable allottees. A clarificatory addendum dated May 28, 2026, cleared the CoC on May 30 with 99.44% of the vote.

In a separate order issued the same day, the tribunal directed that Kotak Mahindra Bank’s claim be treated as a financial creditor’s, not an allottee’s. Hynite has undertaken by affidavit to pay the bank on the same terms as other financial creditors, outside the plan’s framework. The tribunal held that admitting the bank’s claim at this stage does not invalidate the CoC’s earlier approval.

The tribunal declined all reliefs, waivers and concessions Hynite had sought beyond those provided in the Code, citing the Supreme Court’s Embassy Property ruling. Hynite will have to apply to the relevant authorities for them. All three avoidance applications filed by the resolution professional ended without recovery:

• A ₹5.70 lakh extortionate-transaction plea was disposed of for non-prosecution.
• A ₹5.59 crore fraudulent-transaction plea was withdrawn.
• A ₹1.34 crore fraudulent-transaction plea was dismissed on July 9, 2026.

The CIRP began on January 12, 2022, on a Section 7 petition by homebuyers Aman Chhabra and Nidhi Chhabra. Hynite Farms, which is in real estate development and poultry, and D-tech Agencies Pvt Ltd submitted expressions of interest. D-tech’s was rejected as ineligible.

The tribunal has directed that a monitoring committee be set up within three days of the order. It will have one insolvency professional, three members nominated by Hynite and three nominated by homebuyers, and must report to the tribunal every quarter.

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