Residents of Mumbai’s World Crest Towers drag developer Lodha Group to bankruptcy court
May 24, 2021
×
The World Crest society has, in its filing to the National Company Law Tribunal, said that Macrotech has failed to clear its dues of ₹7.2 crore
Residents of Mumbai-based World Crest World Towers, India’s tallest residential complex, have initiated bankruptcy proceedings against Macrotech Developers (erstwhile Lodha Group), which is among the country’s largest real-estate companies.
The World Crest society has, in its filing to the National Company Law Tribunal (NCLT), said that Macrotech has failed to clear its dues of ₹7.2 crore with regard to a sinking fund and other heads since 2019. The society, which counts several corporate honchos and top personalities as members, is demanding the dues from the developer with interest.
April 05, 2021
Residents said the builder had not deposited the tax money collected from them with the government. - Getty Images/iStockphoto
Residents said the builder had not deposited the tax money collected from them with the government. - Getty Images/iStockphoto×
The tallest residential complex is home to Bollywood actors, corporates and cricketers The Mumbai-based World Crest World Towers, India’s tallest residential complex that is home to Bollywood actors, corporates, and cricketers, is embroiled in a property tax dispute with Lodha Developers, the builder who has constructed the towers. The World Crest society has served a legal notice to Lodha, as per which the builder had collected property tax money running into crores from the residents in advance but did not deposit it with the government. Also, the committee has claimed that Lodha is in default towards payment of ₹7.2 crore worth corpus fund involving sinking funds and other dues to the society.