May 2, 2024: The Noida authority has filed a review petition before the Allahabad high court challenging its earlier order that directed that registry of apartments in Lotus 300 housing project in Sector 107, Noida, be executed without further delay. The Noida authority has contended that it cannot allow registries without the realtor clearing financial dues. The development is going to further delay the handover of flats to buyers, who have been waiting since a long time to get possession.
In response to a writ by homebuyers, the Allahabad high court had on February 29, 2024, directed the Noida authority to execute the registry in Lotus 300 housing project without seeking a no-dues certificate from the realtor. The HC had given a month for execution of registries and also directed the enforcement directorate to open investigations into the builders of Lotus 300 over alleged misappropriation of funds. The society, which comprises 330 flats, is currently occupied by about 300 residents.
The authority has expressed its inability to issue permission for registry as land cost dues amounting to Rs 166 crore is still pending from the realtor against this project. The authority is of the view that allowing registries without recovering the dues will send across a wrong message and also set a precedent, causing a huge financial loss to the exchequer. The authority further said as the project is currently under insolvency proceedings and an interim resolution professional (IRP) has been appointed by the National Company Law Tribunal, the IRP should be treated as the realtor.
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