After real estate major Supertech, Noida's another renowned builder group Logix is facing bankruptcy. Fate of around 2700 home buyers look uncertain in the Logix Blossom Zest housing project in Sector 143 of Noida.
The Project which had started in 2011 is yet to be completed and handed over to the buyers, who have no relief in sight since the last 11 years. There are about 3400 units in the society --9 in total 14 towers. So far construction work could not be completed in the said project.
Logix builder owes about 500 crores to the Noida Authority.Meanwhile Collier International (India) Property Services has reached NCLT against Logix Builder. NCLT has appointed Interim Resolution Professional (IRP) on the matter while buyers will have to file financial creditors’ details by April 5.
Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues, the bankruptcy court ordered the initiation of insolvency proceedings against real estate firm Supertech Ltd, one of the companies of Supertech group.
