[ad_1]
NOIDA: Around 2,700 homebuyers, of whom less than 1,100 have received their flats, are scrambling to file their claims after the National Company Law Tribunal (NCLT) initiated insolvency proceedings against of Logix Blossom Zest, allowing a plea by operational creditor Colliers International (India) Property Services.
Blossom Zest in Sector 143 was launched in 2011. The project has 3,400 flats (2,718 are sold) in 14 towers, of which nine towers are incomplete. Homebuyers who have got possession have not been able to get their apartment registered because of the developer’s dues to the Noida Authority.
Logix was among the three developers – along with Wave and 3C – that the Comptroller and Auditor General (CAG) found had bagged a lion’s share of commercial land allotments between 2005 and 2018, the period the central auditor looked at in a comprehensive performance audit of the Noida Authority. The CAG noted in its report, which was tabled last December in the state Assembly, that there was a “systematic failure to take action” even though the collective dues crossed Rs 14,000 crore by March 2020. The three companies had bagged 79.8% of all commercial land allotments, the auditor found.
Residents still waiting for their homes alleged the project has been stalling for six years and the NCLT move against Logix City Developers had given them hope of a resolution under the insolvency process, even though it had added an extra layer in their struggle to get possession of their flats. Anil Kaushal, president of Blossom Zest Flat Buyers’ Welfare Association, which was formed in 2020, told TOI, “Although the insolvency process is a lengthy one, we are hopeful that residents will get their flats in future. Homebuyers, including me, have been waiting for over 10 years to get their homes.”Vikram Nath, director, Logix Group, refused to comment.
Homebuyers have to file their claims, as the process mandates, before the insolvency resolution professional (IRP) by April 5. Sanjeev Kumar, who had booked a 2-BHK flat in 2012, said, “For my flat, I have paid over 95% of the amount. I bought it just after getting married. During the past 10 years, we knocked on all doors, from UP-Rera to the National Consumer Disputes Redress Commission (NCDRC), but haven’t got relief.”
Another buyer, Inder Raj Singh, told TOI, “I had booked a studio apartment in 2012 and till now I have not missed a single EMI of the bank loan. I have wasted 10 years of my life fighting with the developer and other agencies to get a home of my own. The struggle is far from over.”
Insolvency proceedings can be daunting for those who are not aware of the process, and there are many homebuyers who aren’t, and don’t have the time. Indrani Chaudhari, who booked a studio apartment in 2013, said, “Many homebuyers who are scattered all over India are grappling with the intricacies of NCLT. There are several senior citizens, living alone and not tech-savvy. So many buyers don’t even know what insolvency means. Many still hope they will get a refund from UP-Rera. I have been getting calls from people who are asking about the need to file claims. Some of us are trying to reach out to other homebuyers via Twitter and Facebook.”
A group of around 200 residents had filed cases against the builder at UP-Rera in 2016. In several cases, refunds were ordered.
About 150 residents had also filed a case in NCLT last year, which is pending. In 2018, around 90 residents went to NCDRC.
“Even the five towers where possession was given do not have a permanent electricity connection and run on DG sets. There is no cooking gas pipeline and drinking water is being provided through tankers. There is no club or swimming pool,” Chaudhari said.
Blossom Zest in Sector 143 was launched in 2011. The project has 3,400 flats (2,718 are sold) in 14 towers, of which nine towers are incomplete. Homebuyers who have got possession have not been able to get their apartment registered because of the developer’s dues to the Noida Authority.
Logix was among the three developers – along with Wave and 3C – that the Comptroller and Auditor General (CAG) found had bagged a lion’s share of commercial land allotments between 2005 and 2018, the period the central auditor looked at in a comprehensive performance audit of the Noida Authority. The CAG noted in its report, which was tabled last December in the state Assembly, that there was a “systematic failure to take action” even though the collective dues crossed Rs 14,000 crore by March 2020. The three companies had bagged 79.8% of all commercial land allotments, the auditor found.
Residents still waiting for their homes alleged the project has been stalling for six years and the NCLT move against Logix City Developers had given them hope of a resolution under the insolvency process, even though it had added an extra layer in their struggle to get possession of their flats. Anil Kaushal, president of Blossom Zest Flat Buyers’ Welfare Association, which was formed in 2020, told TOI, “Although the insolvency process is a lengthy one, we are hopeful that residents will get their flats in future. Homebuyers, including me, have been waiting for over 10 years to get their homes.”Vikram Nath, director, Logix Group, refused to comment.
Homebuyers have to file their claims, as the process mandates, before the insolvency resolution professional (IRP) by April 5. Sanjeev Kumar, who had booked a 2-BHK flat in 2012, said, “For my flat, I have paid over 95% of the amount. I bought it just after getting married. During the past 10 years, we knocked on all doors, from UP-Rera to the National Consumer Disputes Redress Commission (NCDRC), but haven’t got relief.”
Another buyer, Inder Raj Singh, told TOI, “I had booked a studio apartment in 2012 and till now I have not missed a single EMI of the bank loan. I have wasted 10 years of my life fighting with the developer and other agencies to get a home of my own. The struggle is far from over.”
Insolvency proceedings can be daunting for those who are not aware of the process, and there are many homebuyers who aren’t, and don’t have the time. Indrani Chaudhari, who booked a studio apartment in 2013, said, “Many homebuyers who are scattered all over India are grappling with the intricacies of NCLT. There are several senior citizens, living alone and not tech-savvy. So many buyers don’t even know what insolvency means. Many still hope they will get a refund from UP-Rera. I have been getting calls from people who are asking about the need to file claims. Some of us are trying to reach out to other homebuyers via Twitter and Facebook.”
A group of around 200 residents had filed cases against the builder at UP-Rera in 2016. In several cases, refunds were ordered.
About 150 residents had also filed a case in NCLT last year, which is pending. In 2018, around 90 residents went to NCDRC.
“Even the five towers where possession was given do not have a permanent electricity connection and run on DG sets. There is no cooking gas pipeline and drinking water is being provided through tankers. There is no club or swimming pool,” Chaudhari said.
[ad_2]
Source link
Leave a Comment