Residents of World Crest Towers take Lodha Grp to bankruptcy court: News Report

New Delhi: The residents of Mumbai’s World Crest World Towers, country’s tallest residential building, have started bankruptcy proceedings against Lodha Group or the Macrotech Developers which got listed on stock exchanges, according to a news report in The Hindu Businessline newspaper.

The residents have their own association- World Crest Society which said in its petition to the NCLT (National Company Law Tribunal) that Macrotech Developers has not cleared its dues of Rs 7.2 crore since 2019 towards a ‘sinking fund’ and some other dues. other heads since 2019. The World Crest Society has been at loggerheads with the developer for the recovery of the dues together with interest.

The petition by World Crest Society says that the developer has not done construction of World Crest World Towers properly and has used poor quality marbles in the lobby and flats, the substandard quality of lifts and poor quality materials in the flats. After these complaints by the residents, Macrotech Developers agreed to set up a sinking fund of Rs 7.2 crore instead of compensating individual flat owners. The petition also said that the developer had agreed to pay Rs 7.2 crore April 2019. The company had confirmed setting up the fund and paying Rs 7.2 crore by way of email in September 2020.

“These monies were due and payable at the time of handover of the society by the developer in April 2019, since then we have been having constant follow up. Lodha has avoided paying this on some pretext or other. Having exhausted all other methods of recovery of the money, we have been pushed to the wall and filed this bankruptcy petition,” said Anil Singhvi, Secretary of the World Crest Towers Society was quoted as saying in the news report.

However, the company said there are no dues that it has to pay. According to the news report, Macrotech clarified: “The property tax amount (as adjusted against any other outstandings) has been duly paid to the authorities as per the due date which was March 31, 2021 and the legal notice was sent prior to this. Members of the World Crest society owe us over Rs 9 crore towards maintenance of the common facilities outside the building. Against this, the amount of Rs 7.2 crore which we had agreed to pay them has been offset. We will reply to their notice as per legal advice. This claim is without any merit and we will suitably address it before the competent authority,” it said.