Raheja Revanta insolvency: resolution professional restarts bid process for stalled Gurugram project, plans due 14 December

The resolution professional for Raheja Developers’ stalled Revanta housing project in Gurugram has invited fresh expressions of interest (EoIs) from prospective bidders. The committee of creditors (CoC) scrapped an earlier invitation issued just five weeks ago.

GT Restructuring Services LLP is the resolution professional (RP) for the project, acting through insolvency professional Surendra Raj Gang. It published the revised Form G on 8 October 2026. The notice says the CoC decided at its fourth meeting to cancel the EoI process launched under a Form G dated 3 September 2026 and to publish a new invitation. The notice does not give a reason.

Under the new timetable:

• 24 October 2026: last date for EoIs
• 2 November: provisional list of prospective resolution applicants
• 7 November: last date for objections to the provisional list
• 13 November: final list issued, along with the information memorandum, evaluation matrix and request for resolution plans
• 14 December 2026: last date for resolution plans

Project-specific insolvency

The insolvency process covers only the Revanta project, not all of Raheja Developers Ltd. The NCLT’s New Delhi principal bench, comprising President Justice Anupinder Singh Grewal and Technical Member Ravindra Chaturvedi, admitted a Section 7 petition filed by 176 allottees of the Revanta project on 8 June. The bench held that homebuyers’ payments constitute financial debt under the IBC, and confined the CIRP to Revanta based on NCLAT rulings in the Raheja Shilas and Krishna Housing Scheme matters.

The developer launched Revanta in 2011, promising possession within 36 months for independent floors and 48 months for three high-rise towers, but did not complete the project even after the extended July 2022 deadline. In the proceedings, Raheja Developers argued that insolvency would hurt about 40,000 homebuyers across 35 projects and maintained that it was solvent and financially viable.

It is not the developer’s first brush with the IBC. In November 2024, the NCLT ordered insolvency proceedings against Raheja Developers on a petition by allottees of its Shilas project in Sector 109, Gurugram. Proceedings had earlier been initiated in 2019 over delays in its Raheja Sampada project.

What is on offer

According to the Form G, the project is spread over about 18.72 acres in Sector 78, Village Shikohpur, Gurugram. It has more than 900 units and a total saleable area of over 19 lakh sq ft. About 735 units have been sold to date.

The Form G discloses several gaps a bidder will have to deal with:

• The project’s Haryana RERA registration (No. 32 of 2017, dated 4 August 2017) has expired.
• Raheja Developers has no employees or workmen deployed on the project, according to the suspended management.
• The company’s financial statements, covering all its projects, are available only up to 31 March 2023. No project-specific financial statements exist.

MSME tag

The Form G states that Raheja Developers is an MSME, based on records shared by the suspended management. This matters for who can bid. Section 240A of the IBC exempts promoters of MSMEs from some of the Section 29A disqualifications, which could allow the developer’s promoters to submit a plan for the project.

The Form G does not disclose total admitted claims or the composition of the CoC.

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