Noida authority denies ₹67 cr waiver in transfer fee for Delhi One project
Max Estates will have to pay ₹ 67 crore charges on change in constitution charges (CIC) or transfer charges, the authority said.
To be sure, the Max Estates took over the stalled Delhi One project in Sector 16B through corporate insolvency resolution process.
'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 (CEO) Lokesh M.
Max Estates, part of the Max Group, emerged as the successful resolution applicant through National Company Law Tribunal (NCLT) proceedings to revive the long-delayed Delhi One mixed-use project originally developed by Boulevard Projects Private limited. As part of the approved resolution plan, Max Estates proposed settling dues with secured creditors and the authority, which had initially raised claims exceeding ₹ 932 crore. Only ₹ 325 crore of this claim was formally accepted in the plan.
In a revised offer to clear outstanding liabilities and speed up project work, Max Estates proposed to pay ₹ 613 crore over three years. While the authority accepted this settlement offer in principle, the developer also sought a waiver of CIC charges, arguing these were not justified in the context of insolvency resolution and project revival.
After receiving no decision on this request, Max Estates approached the Allahabad high court earlier this year. In April, the court directed the authority to place the issue before its Board and communicate a decision within four weeks.
This April, Max Estates offered to deposit ₹ 22 crore in a separate interest-bearing account.
However, after examining the matter, the authority's Board on June 14 ruled that the full CIC charges of ₹ 67 crore would remain payable.
Max Estates has already deposited the first instalment of ₹ 135 crore under the ₹ 613 crore settlement.
The project, which has faced years of delays affecting hundreds of homebuyers, now depends on the developer completing payments and following the resolution plan. The authority has also granted a three-year free extension to finish the project.
Max Estate refused to comment on the matter as the case is sub judice.
The Noida authority board said that they can allow waiver if the court will issue an order in this regard, waiving off the charges.
The Max Estate had sought waiver on the ground that the transfer of the company from one to another is not 'business as usual' and company was taken over in insolvency benefiting the home-buyers and investors to revive the insolvent realty firm.
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