Noida Authority Cancels Land Allotted to Logix's Subsidiary Over Rs 1.3 Bn Dues

10 Dec 2024 CW Team

Noida Authority has canceled the allotment of nearly 14,000 square meters of land to Docile Buildtech Pvt Ltd, a subsidiary of Logix Group, due to the company’s failure to pay outstanding dues of Rs 130 crore. The plot, located in Sector 143, has remained undeveloped for six years since its allocation, and the authority sealed the land after Docile Buildtech ignored multiple notices.

In 2011, Logix Developers received an allotment of 1 lakh square meters for a group housing project in Sector 143. Part of this land was later subdivided and registered under Docile Buildtech in October 2018.

"Despite repeated notices, the company failed to pay the dues. A final notice was issued on October 22, but it went unanswered, leading to the cancellation of the 13,961 square meter allotment and termination of registration," said Noida Authority CEO Lokesh M.

Officials confirmed a case has been filed against Docile Buildtech in the National Company Law Tribunal (NCLT), though insolvency proceedings have not yet begun. The initial allotment in 2011 was priced at Rs 23,550 per square meter, totaling Rs 32 crore. Docile Buildtech paid Rs 3.2 crore but did not make further payments. The outstanding dues, including penalties, have now reached Rs 130 crore, while the land’s current market value is estimated at Rs 450 crore.

The Noida Authority plans to reallocate the plot to a new developer to recover the outstanding revenue.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..