Homebuyers approach NCLT claiming Emaar Company as an insolvent.

It’s been over a decade since these NRIs paid in crores to get their dream house. They were looking to live the rest of their lives there. And that’s why they paid their hard-earned money to Emaar projects in Hyderabad near Hitec City that offered them excellent villas and apartments.

Now, after a decade of crushing their dreams, more than 100 these homebuyers have moved the National Company Law Tribunal (NCLT) asking it to find the Emaar Hills Township Project Ltd as insolvent by launching corporate insolvency proceedings against the firm.

They claim this is the only path remaining to have the Emaar Company, at least now, offer their villas and apartments.

CBI, who sought the deal, filed a charge-sheet in the trial court accusing Emaar-MGF chief Sravan Gupta along with Kingpin Koneru Rajendra Prasad, other accused such as Vijay Raghava, Sunil Reddy of south-end projects etc. with making this project into a huge scam.

Many naive homebuyers’ dream project has been translated into a scam project. The CBI, along with Koneru and other IAS officials, arrested many accused in the case.

These IAS officers had allowed 500 acres of lucrative government property to go into the hands of errant players like MGF Company at a prime location like Gachibowli.

MGF chief Sravan Gupta, who received the CBI court’s conditional permission to go abroad, has never been seen in the last five years. People who are aware of issues claim that he has flouted the terms of the trial and has not appeared so far.