Residents of Mumbai’s World Crest Towers Take Developer Lodha Group to Bankruptcy Court

Residents of Mumbai-based World Crest World Towers, India’s tallest residential complex, have filed for bankruptcy against Macrotech Developers (formerly Lodha Group), which is one of the country’s largest real estate companies.

World Crest said in its National Company Law Tribunal (NCLT) filing that Macrotech had failed to pay its 7.2 crore dues towards a sinking fund and other charges since 2019. The company, which has several. big names in the company and prominent personalities as members, eagerly demands developer contributions.

His petition says that Macrotech did not complete the construction of the building properly. Due to these flaws, the inferior quality of the elevators, the poor quality of the marbles in the apartments and the lobby, as well as the inferior materials used in the apartments, Macrotech had agreed to create a sinking fund of 7 , 2 crores instead of paying the owners of individual apartments. . The record further indicates that Macrotech had agreed to pay the amount in April 2019 and confirmed this by email in September 2020.

“These sums were due and payable at the time of the handover of the company by the developer in April 2019, since then we have had constant monitoring. Lodha avoided paying for this under one pretext or another. After exhausting all other methods of collecting the money, we were pushed to the wall and filed this bankruptcy application, ”said Anil Singhvi, secretary of the World Crest Towers company and former managing director of ‘Ambuja Cements.

No contribution, says Macrotech

Macrotech says there are no pending dues from it. In a statement to Activity area, he said: “The amount of the property tax (as adjusted from any other unpaid debts) was duly paid to the authorities on the due date which was March 31, 2021 and the legal notice was sent before that . Members of the World Crest Company owe us over 9 crores for the maintenance of common facilities outside the building. Against this, the amount of 7.2 crore that we had agreed to pay them was compensated. We will respond to their opinion in accordance with legal advice. This complaint is unfounded and we will deal with it appropriately before the competent authority, ”he said.

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