Admin denies Rs.67 cr waiver in transfer fee for Delhi One
Noida, June 30 -- The Noida authority has rejected Max Estates Private Limited's request to waive Rs.67 crore in Change in Constitution (CIC) or transfer charges for the Delhi One realty project in Sector 16B, officials said.
The authority's board, in its meeting on June 14, decided the full amount must be paid as per the newly implemented unified policy.
"The decision not to give waivers was taken by the authority's board meeting on June 14, which stated that the full amount must be paid under its newly implemented unified policy," said Noida chief executive officer Lokesh M.
Max Estates, a part of the Max Group, acquired the long-stalled mixed-use Delhi One project through the corporate insolvency resolution process, emerging as the successful resolution applicant via National Company Law Tribunal proceedings.
As part of the approved resolution plan, Max Estates proposed settling dues with secured creditors and the Noida Authority.
While the authority had raised claims exceeding Rs.932 crore, only Rs.325 crore was admitted. In a revised offer, Max Estates proposed to pay Rs.613 crore over three years to settle the liabilities, a proposal accepted in principle by the authority.
Alongside, Max Estates sought a waiver of CIC charges, contending that the charges were unjustified in the context of an insolvency-driven revival and would affect project execution. In April, the developer deposited Rs.22 crore in an interest-bearing account and moved the Allahabad high court, which directed the authority to take a board decision within four weeks.
Following the Board's decision to reject the waiver, officials said the charges would remain payable in full unless waived by a court order.
Max Estates has already paid the first instalment of Rs.135 crore.
The authority has also granted a three-year extension to complete the project. Max Estates declined to comment, citing sub judice status....
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