Assotech Defaults On Delivery, 100 Harried Buyers Move Court

Assotech Defaults On Delivery, 100 Harried Buyers Move Court

Assotech Defaults On Delivery, 100 Harried Buyers Move Court

It has been more than two years when realtor Assotech declared it was winding up operations. About 100 homebuyers of Windsor Court project had then moved court against the winding up of the company, seeking its intervention. Dissatisfied with the proceedings they have now sought the top court's intervention in the matter. On its part, the Supreme Court (SC) has directed the Delhi High Court to make sure interests of homebuyers are guarded at any rate. 

Following the SC directive, the Delhi HC has directed the official liquidator to submit a detailed plan of pending residential projects by the next hearing.

The unending delays and defaults

Apart from its failure to deliver three projects located in Ghaziabad and Noida, Assotech has also defaulted on dues and owes ICICI bank, IDBI, Essel Finance and Religare, among other creditors. Additionally, Assotech needs to clear Rs 110 crore in land dues to get occupancy certificate for its projects from the Noida Authority. Earlier, the Noida district administration had filed a first-information report (FIR) against the builder for offering possession without property registration.

Earlier in July, the Delhi HC had also dismissed a revival scheme filed by the builder on the grounds that it did not include all the creditors and homebuyers. The company claimed that a sum of approximately Rs 124 crore was expected to be generated, once the projects were completed, which would be enough to pay all its dues.

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