Homebuyers of a major Noida residential project have approached the National Company Law Tribunal (NCLT), alleging significant delays in the construction of flats by the developer despite the approved resolution plan.

The petition states that the developer, which took over the project through insolvency proceedings, has failed to mobilize the promised funds for construction, deploy sufficient workers, or establish escrow accounts as stipulated in the resolution plan. According to the plan, construction was supposed to resume within 90 days, but activities have largely stalled.

During the tribunal hearing on December 10, notices were issued to the developer, the original company, the Insolvency and Bankruptcy Board, and the former interim resolution professional. The next hearing is scheduled for January 8.

Homebuyers, who have been waiting for their flats for over a decade, reported that construction has halted entirely despite prior commitments to improve progress. Of 97 towers across nine projects, tenders were floated for only 41 towers by August 2024, with no progress on the remaining 56.

The petition also alleges that the developer unilaterally increased administrative and transfer charges, demanding more than ?8,000 per sq. ft. for unsold units, significantly higher than the resolution plan estimate of ?4,575 per sq. ft.

Buyers expressed frustration, stating that years of patience have worn thin and urgent action is needed to complete the project and deliver their homes.

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