Mumbai: A group of 28 residents of Sunteck Realty’s Signia Pearl luxury project in Bandra Kurla Complex have moved the National Company Law Tribunal (NCLT) against the developer for recovery of ₹7.65 crore payable as corpus fund and maintenance.

They have filed an insolvency petition as financial creditors under the Insolvency and Bankruptcy Code (IBC), seeking the recovery of the money from Starlight Systems (I) Pvt Ltd, an arm of Sunteck Realty group, and appointment of an insolvency resolution professional (IRP).

Confirming the development, advocate Sidhesh Bhole of SSB Legal and Advisory said, “The petition will come up for hearing before the NCLT in the due course.”

Stating that the developer had signed an agreement for sale in 2015 and as per the agreement terms, the flat purchasers had paid a sum of ₹30 lakh each to the developer towards corpus fund and maintenance.

The petition further states that under Clause 8 of the agreement, the developer was under obligation to transfer the unutilised amounts out of the ₹30 lakh to the registered cooperative housing society— Signia Pearl Co-operative Housing Society. The society was registered on September 4, 2020, but the money has not been deposited by the developer thereby committing a default, the petition claimed.

The dispute between the flat purchasers and the developer dates back to 2020 when a suit was filed in the Bombay high court. The buyers had sought conveyance of the land and corpus fund paid by all buyers in the project among other prayers. The developer had challenged the legal validity of the Society.

When contacted, Sunteck Realty Limited said, “No judgement has been passed by the NCLT to date. We believe the petition is not tenable, we are rigorously contesting the allegations and stand strong on our merit.”

“It is crucial to note that the principal dispute between the society and Sunteck Realty remains sub-judice before the High Court. The very foundation and legitimacy of the Society itself is the focal point of this contention, the resolution of which is still pending. Until the HC renders its judgement on this fundamental issue, any associated concerns raised by the Society are unlikely to be conclusively addressed by any other competent authority,” the developer said in a statement.

Signia Pearl is one of the three prestigious luxury projects by Sunteck Group, a listed company, along with Signature Island and Signia Isles in the G Block of Bandra Kurla Complex. Several senior executives from banks, private equity firms, and corporates have purchased apartments in the project.