Wave Mega City Centre has filed an application with NCLT to initiate a voluntary resolution process after Noida authority seized its land.
"Noida Authority's abrupt decision to seal the residential-cum-commercial project in the prestigious Sectors 32 and 25 is an attempt to settle a commercial dispute through arbitrary means," Wave's petition said.
On Friday, the company moved NCLT to protect the interest of buyers in the project who are left stranded after the Noida Authority action. Responding to queries on WMCC, Rajiv Gupta, Managing Director, Wave Infratech said, "we cannot comment as the matter is sub-judice. We are working for the best interest of the buyers."
The company says it has invested over Rs 3,800 crore in the project, which includes an investment of Rs 2,213 crore by its promoters and their associates, Rs 200 crore bank loan, and buyers have paid Rs 1,400 crore. It adds, over Rs 2,000 crore has been paid to several government agencies, including about Rs 1,600 crore to the Noida Authority. WMCC is a special purpose vehicle (SPV) for the said project and does not have any investment into any other group company, it cleared in the petition.
The Noida authority had earlier this month seized over 100,000 square metres (sqm) of land belonging to the real estate developer located in the heart of Noida in Sector-32, taking over the possession of one million sq ft. land. It had canceled the land allotment to the construction company on February 11, 2021.