In a landmark turnaround for India’s stressed real estate ecosystem, RG Group has completed its long-stalled RG Luxury Homes project in Greater Noida West—an extraordinary revival executed under reverse insolvency and supervised directly by the Supreme Court.

Now, RG Luxury Homes is the first project in Gautam Buddha Nagar to receive an OC for all the flats, which went into insolvency after securing a Reverse Insolvency order from NCLT and completing a stuck project under the supervision of an IRP (Interim Resolution Professional). Out of 1918 flats in phase 1, towers A, B, C, and M, 854 units received Occupancy Certificate in the previous this year, followed by 600 flats in towers D, E, and F in November 2024.

RG Group’s RG Luxury Homes is a group housing project situated in Sector 16B, Greater Noida West, Gautam Buddha Nagar district of Uttar Pradesh. It spans 18.5 acres, has 13 residential towers, and offers its allottees the largest landscape podium. Since September 2019, NCLT procedures have impacted Phase 1 of the project, which consists of about 1918 units. All of the stakeholders’ most promising choice abruptly became everyone’s worst nightmare.

In accordance with the procedure, an IRP was appointed, and the project’s revival—a huge undertaking at the time started in July 2021. Throughout the process, the promoter showed his commitment to completing the project and offered a comprehensive restoration plan that included funding and deadlines. Financial institutions, the Greater Noida administration, and the IRP selected by NCLT were among the stakeholders and allottees that enthusiastically backed the idea.Under the strict monitoring of all stakeholders and IRP, the promoter, RG Group, resumed development of the project around October 2021, and it was completed in two years.

Himanshu Garg, Director, RG Group, said, “Receiving OC for the entire phase 1 and giving relief to all the homebuyers of 1918 flats was an unbelievable task to complete when the project went into insolvency. But with the tremendous support and patience of homebuyers, financial institutions and other stakeholders gave us the strength and belief to fulfil our commitment. We extend a warm welcome to all our customers who are in the process of taking possession across Towers A, B, C, D, E, F and M and very soon, possession of the remaining 460 units in Towers G and H will also be completed.

Manoj Kulshrestha, IRP, said, “Looking at the present scenario of real estate projects hitting NCLT and prolonged resolution process, the resolution of RG Luxury Homes was a challenging task in a certain period. But yes, this has created a history in the real estate sector and established a benchmark for others too.”

The IRP further mentioned that to complete the project as per the submitted plan, the promoters willingly sold their personal assets, collaborated with financial institutions and most importantly maintained the faith of the customers in the quickly changing working structure without compromising the quality of construction.

The group’s success can be attributed to its deep understanding of customers and focus on providing practical homes. The company has differentiated itself by incorporating distinctive designs to create an environment where the residents can actively participate, preserve, and connect with the green landscapes around them. The consistent effort to complete the project despite of facing insolvency, arranging funds, and maintaining customer’ trust is a testament to the consumers.

Getting OC for the RG Luxury Homes Project is a result of the direct supervision of the Hon’ble Supreme Court and a shining example of the possible revival of a company if the process of insolvency is conducted in a coordinated manner without making it adversarial. – Kumar Mihir, Advocate for the Insolvency resolution Professional (RP)

Saurabh Jain, Advocate said: “The completion of the project under the framework of reverse insolvency, monitored continuously by the Hon’ble Supreme Court, marks a landmark achievement for all stakeholders, especially homebuyers and financial creditors. This model, evolved through judicial innovation by the Hon’ble NCLAT and affirmed by the Hon’ble Supreme Court, has allowed the promoter to complete the project in a time-bound and accountable manner while preserving value and confidence in the insolvency framework.”

Reverse insolvency is not a creature of express statutory provision under the IBC but a pragmatic, court-crafted solution to address the unique challenges of real estate and similar projects. Its application involves complex legal questions regarding the limits of judicial creativity, consistency with the IBC’s text and structure, and the balance between legislative intent and judicial innovation—yet its endorsement by top constitutional court of our country demonstrates a compelling commitment to substantive justice over procedural rigidity.

This day marks a big achievement even for the judicial system which gave preference to resolution of the problem in the real estate sector rather than strict compliance of the strictest form of legislature in the form of IBC.