NOIDA: Noida Authority has started installing boards outside housing projects whose promoters have failed to clear hefty land dues and haven't applied for the government's rehabilitation scheme either.
Photographs of these boards are being uploaded on the Authority 's website, signalling a strategy that officials believe is necessary to break the impasse with a section of builders. The first such board has appeared outside Lotus Panache - a project by Granite Gate Properties currently undergoing insolvency proceedings at the National Company Law Tribunal (NCLT).
The move has drawn strong objections from residents, who argued that it violated provisions of the moratorium imposed under the corporate insolvency resolution process (CIRP) and risked derailing their hard-won efforts to revive the project.
"We have been rebuilding this project with our own funds under the NCLT process. The Authority's move will dent buyer morale and threaten to undo the progress we have made. We will inform the NCLT about the Authority's action," said Amit Chauhan , a resident of Lotus Panache.
Noida Authority CEO Lokesh M insisted that the move was not coercive but purely informational.
Photographs of these boards are being uploaded on the Authority 's website, signalling a strategy that officials believe is necessary to break the impasse with a section of builders. The first such board has appeared outside Lotus Panache - a project by Granite Gate Properties currently undergoing insolvency proceedings at the National Company Law Tribunal (NCLT).
The move has drawn strong objections from residents, who argued that it violated provisions of the moratorium imposed under the corporate insolvency resolution process (CIRP) and risked derailing their hard-won efforts to revive the project.
"We have been rebuilding this project with our own funds under the NCLT process. The Authority's move will dent buyer morale and threaten to undo the progress we have made. We will inform the NCLT about the Authority's action," said Amit Chauhan , a resident of Lotus Panache.
Noida Authority CEO Lokesh M insisted that the move was not coercive but purely informational.
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