Noida Authority Denies Waiver on ₹670 Million Transfer Charges to Max Estates

07 Jul 2025 CW Team

Max Estates acquired the stalled Delhi One project in Sector 16B through the corporate insolvency resolution process (CIRP). The authority’s board, in a meeting on 14 June, reaffirmed the decision under its newly implemented Unified Policy that no waiver would be granted on these charges, said Noida CEO Lokesh M.

Max Estates, part of the Max Group, was the successful resolution applicant at the National Company Law Tribunal (NCLT), tasked with reviving the long-delayed mixed-use project originally developed by Boulevard Projects Private Limited. The company’s approved resolution plan involved settling dues with secured creditors and the authority, whose initial claims exceeded Rs 9.32 billion, of which only Rs 3.25 billion was formally accepted.

In a revised offer to expedite project completion, Max Estates proposed to pay Rs 6.13 billion over three years. While the authority accepted this in principle, the developer also sought a waiver of the Rs 670 million CIC charges, arguing such fees were unjustified in the insolvency and project revival context.

With no decision forthcoming, Max Estates approached the Allahabad High Court earlier this year. In April, the court directed the authority to review the matter and issue a decision within four weeks. Max Estates offered to deposit Rs 220 million into a separate interest-bearing account in the same month.

Following review, the authority’s board on 14 June ruled the full CIC charges would remain payable. Max Estates has already deposited the first instalment of Rs 1.35 billion as part of the Rs 6.13 billion settlement.

The Delhi One project, which has faced years of delay impacting hundreds of homebuyers, now hinges on the developer fulfilling payment obligations and adhering to the resolution plan. The authority has also granted a three-year extension for project completion.

Max Estates declined to comment on the matter citing sub judice status. The Noida Authority board indicated waivers could only be considered if a court order directs so.

Max Estates had argued the transfer was not “business as usual” since it occurred via insolvency resolution, benefiting homebuyers and investors by reviving the insolvent project.

The Noida Authority has rejected Max Estates Private Limited’s request for waivers on charges related to the transfer of the Delhi One realty project, insisting the full amount must be paid. The developer is required to pay Rs 670 million in change in constitution (CIC) or transfer charges, as confirmed by the authority.Max Estates acquired the stalled Delhi One project in Sector 16B through the corporate insolvency resolution process (CIRP). The authority’s board, in a meeting on 14 June, reaffirmed the decision under its newly implemented Unified Policy that no waiver would be granted on these charges, said Noida CEO Lokesh M.Max Estates, part of the Max Group, was the successful resolution applicant at the National Company Law Tribunal (NCLT), tasked with reviving the long-delayed mixed-use project originally developed by Boulevard Projects Private Limited. The company’s approved resolution plan involved settling dues with secured creditors and the authority, whose initial claims exceeded Rs 9.32 billion, of which only Rs 3.25 billion was formally accepted.In a revised offer to expedite project completion, Max Estates proposed to pay Rs 6.13 billion over three years. While the authority accepted this in principle, the developer also sought a waiver of the Rs 670 million CIC charges, arguing such fees were unjustified in the insolvency and project revival context.With no decision forthcoming, Max Estates approached the Allahabad High Court earlier this year. In April, the court directed the authority to review the matter and issue a decision within four weeks. Max Estates offered to deposit Rs 220 million into a separate interest-bearing account in the same month.Following review, the authority’s board on 14 June ruled the full CIC charges would remain payable. Max Estates has already deposited the first instalment of Rs 1.35 billion as part of the Rs 6.13 billion settlement.The Delhi One project, which has faced years of delay impacting hundreds of homebuyers, now hinges on the developer fulfilling payment obligations and adhering to the resolution plan. The authority has also granted a three-year extension for project completion.Max Estates declined to comment on the matter citing sub judice status. The Noida Authority board indicated waivers could only be considered if a court order directs so.Max Estates had argued the transfer was not “business as usual” since it occurred via insolvency resolution, benefiting homebuyers and investors by reviving the insolvent project.

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