In a significant development for homebuyers and farmers, the National Company Law Tribunal (NCLT) has granted ACE Infracity Developers Private Limited permission to take over the stalled 3C Lotus City project near Noida airport. The project, initiated by real estate firm 3C in 2012 on 100 acres of land, has faced numerous delays and legal hurdles. However, with this new directive, hopes are high for the completion of the project and the delivery of long-awaited flats to homebuyers.
The NCLT’s order, delivered by Atul Chaturvedi and Bachu Venkat Balram Das, members of the tribunal, on June 13, directs the new developer to pay the farmers their land compensation and ensure the project’s completion. As a result, farmers are expected to receive an increased land compensation amounting to ₹80 crore. The resolution plan proposed by ACE Infracity Developers, with a total value of ₹140,39,27,000, has been approved and will form an integral part of the order.
The legal battle for justice began in 2019 when aggrieved homebuyers approached the NCLT. However, progress on the case was slow until the Supreme Court intervened on April 17, 2023, instructing the NCLT to expedite the proceedings and reach a decision within a reasonable time frame.
Amit Tyagi, a homebuyer leading the legal battle, expressed hope that the NCLT’s order would finally bring justice to the affected buyers after years of suffering. The NCLT has instructed the resolution professional to hand over all relevant records and documents to the new developer. Additionally, a monitoring committee comprising two buyers, two representatives from ACE Infracity Developers, and a resolution professional has been formed to ensure compliance with the NCLT’s order.
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Legal expert Piyush Singh, representing the homebuyers before the Supreme Court and NCLT, believes that this decision will not only provide relief to the Lotus City project buyers but also expedite the resolution process for other real estate companies facing similar challenges. Singh further stated that the NCLT’s ruling could pave the way for the resolution of cases involving land cancellations by authorities like Noida, Greater Noida, and Yeida due to non-payment of dues. The monitoring committee will play a crucial role in overseeing the implementation of the NCLT’s order.
The homebuyers, farmers, and other stakeholders involved in the 3C Lotus City project are optimistic that ACE Infracity Developers’ involvement will inject new life into the project, leading to its successful completion and fulfilling the long-awaited dreams of homebuyers.