Noida Authority Files Complaint Against Logix Developers

02 Dec 2024 CW Team

The Noida Authority has lodged a complaint with Delhi Police's Economic Offences Wing (EOW) against the promoters of Logix City Developers Pvt Ltd, accusing them of failing to pay dues and missing delivery timelines for the Blossom Zest housing project in Sector 143. The complaint highlights financial losses caused by the developers' alleged misappropriation of funds and the creation of third-party rights, negatively affecting both the Authority and homebuyers. Blossom Zest, with dues of Rs 666 crore, faced insolvency proceedings in 2022, while another project, Blossom County, was also sent to NCLT in 2023 with Rs 446 crore in dues. The Noida Authority has referred discrepancies in asset valuations of other defaulting projects to the Insolvency & Bankruptcy Board of India (IBBI). Additionally, the Authority has urged defaulting developers to consider the state government's rehabilitation package, but no developers, including Logix, have taken up the offer.

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