Max Estates Obtain Noida Authority’s to Take Over 3 Crore Luxury Delhi One

                The National Company Law Tribunal (NCLT) 
has approved the resolution plan of Max Estate 
Limited, the real estate arm of Max Group, for 
restarting the stuck ‘Delhi One’ residential 
project of Boulevard Projects Private Limited, a 
3C Group company, paving the way for the 
takeover of the luxurious project on the Delhi-
Noida border, alongside the Delhi-Noida-
Direct (DND) Flyway.
Max Estate Limited had already taken over a 
commercial tower in Delhi One project, 
measuring 670,000 square feet, and completed 
it as ”Max Square”.
The NCLT approved the resolution plan 
submitted by Max Estate Limited on February 
27, 2023, and the order was made public by 
Max on Friday.
On February 8, 2019, NCLT appointed Amit 
Agarwal as the interim resolution professional 
for realty firm 3C Boulevard following a petition 
filed by SGM Webtech Private Limited and 
initiated corporate insolvency proceedings.
On November 11, 2019, the committee of 
creditors (CoC) comprising homebuyers, banks 
and other stakeholders approved the 
resolution plan submitted by Max with 86% 
votes.
“Subject to the observations made in this 
Order, the Resolution Plan of 
₹1,118,38,93,145/- (Rupees One Thousand One 
Hundred Eighteen Crores Thirty Eight Lakhs 
And Ninety 
Three Thousand One Hundred And Forty Five 
Only) is hereby approved. The Resolution Plan 
shall form part of this Order. The Resolution 
Plan is binding on the Corporate Debtor and 
other stakeholders involved so that revival of 
the Debtor Company shall come into force with 
immediate effect,” said the order delivered by 
NCLT president Ramalingam Sudhakar and 
technical member Avinash K Srivastava.
The NCLT has asked Max Estates to approach 
the Noida authority to discuss the financial 
dues. Max has proposed that it can pay the 
principal amount of ₹400 crore, out of the 
outstanding land dues of ₹900 crore against 
this project.
“Now that the NCLT has approved our 
resolution plan, we need to follow the same 
and approach the Noida authority for further 
execution of the order. In the resolution plan, 
we have 
proposed that we can pay the principal amount 
to the Noida authority and sought waivers on 
the interest component. We have requested 
the formation of a policy so that financial 
dues can be settled because our plan will 
revive the stuck project and deliver justice to 
homebuyers,” said Sahil Vachani chief 
executive officer and managing director of 
Max Estates.
3C group had in January 2014 launched the 
Delhi One project, spread across 34,697 square 
metres in Noida’s Sector 16B, next to DND 
Flyway toll plaza. It tied up with Four Seasons 
to make a five-star hotel, serviced apartments 
and a commercial tower in this project but it 
got delayed amid the financial crisis.
As per the resolution plan, Max will deliver 
Tower B in 22 months; it will take 40 months to 
build 576 apartments, and 42 months to build 
the commercial tower, in place of the five-star 
hotel.
The NCLT has approved ₹1,118 crore 
resolution plan to revive the project. The NCLT 
has also approved the changes in the design of 
this project and agreed to do away with the five 
star hotel tower that was part of this project.
“Instead of a five star hotel, we will build a 
commercial tower as that is more 
economically feasible,” said Vachani.
Noida authority chief executive officer Ritu 
Maheshwari did not respond to calls seeking 
her comment on the issue.


Source : Hindustan Times