Sings of extreme stress in NCR realty market: This company requests NCLT itself to wind it up

New Delhi: Realty player Wave Megacity Centre has approached NCLT for voluntarily winding it up as it is not in a position to clear to payables to the Noida Authority of Rs 1,223 crore. The company is currently developing some housing and commercial projects in Noida.

The company, in its plea before the NCLT, said it doesn’t have "adequate cash flow to meet its obligation to the customers and financial lenders."

"The board of directors of the corporate debtor have examined the financial situation and in order to keep the corporate debtor as a going concern have approved/ resolved to file the application" in the interest of its creditors, Wave Megacity Centre said in its plea before the NCLT. 

Wave Megacity Centre has made the request before NCLT under Section 10 of the Insolvency and Bankruptcy Code. Now the NCLT will pass an order within 14 days admitting the plea of the company or rejecting it.

The move by Wave Megacity Centre comes just after Noida Authority took back 1 lakh square metres of commercial land which was allotted to it due to unpaid dues.

The realty firm is developing projects in sectors 32 and 25A of Noida.