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New Delhi: max grouprealty firm of Max Estates On Friday, the National Company Law Tribunal (NCLT)NCLT) has approved its bid to acquire the stalled mixed-use project.Delhi Forest‘ In Noida through the insolvency process — a development that will bring relief to nearly 300 stranded customers. Max Estates is a subsidiary of Max Ventures And Industries Ltd. (MaxVIL).
Sahil Vachani, MD & CEO, Max Ventures & Industries Ltd MaxVIL, told reporters on Friday, “Our resolution plan for the Delhi Forest project has been approved by the NCLT. A committee of creditors (CoC) approved our plan in 2019. Was given.”
Boulevard Projects Pvt Ltd, a special purpose vehicle (SPV) owned by the promoters of realty firm 3C Group, launched the Delhi One project on a 34,697-sq m plot nearly a decade ago. The project comprises one commercial tower, one hotel tower, retail space and three residential towers.
Axis Bank and Piramal Enterprises are the two lenders in the project, said Vachani, adding that the stalled project has a total development potential of 3 million sq ft, of which almost half is still unsold.
Vachani said that 288 allottees who booked service apartments and commercial space have been stuck in this project.
He said that the company would be in talks with the Noida Authority to start the construction of this stalled project. The Boulevard Project had not paid the cost of the land to the authority.
Vachani said that the Uttar Pradesh government should bring a policy that would help provide relief to thousands of property buyers stuck in various stalled projects in Noida, Greater Noida and Yamuna Expressway.
In the resolution plan, he said that the company has suggested some changes in the project. It will no longer develop a hotel on the plot and instead build a commercial tower.
Max Estates has already developed Max Tower, an office complex near this Delhi One project, comprising 6 lakh sq ft of leased office space.
As per the resolution plan, Max Estates has bid for over Rs 1,100 crore to acquire the project.
Secured financial creditors (Axis Bank and Piramal Enterprises) claimed around Rs 395 crore, against which the resolution plan provides for around Rs 158 crore.
The allottees submitted claims of Rs 1,022 crore, of which Rs 841.41 crore was accepted.
In the scheme, NOIDA Authority has been considered as the secured financial creditor. The authority has presented a claim of Rs 945 crore. The amount provided under the Samadhan Yojana is Rs 325.52 crore.
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