Mumbai: Residents of World Crest Towers Approach Bankruptcy Court Against Macrotech Developers

Residents of Mumbai’s World Crest World Towers have filed for bankruptcy proceedings against Macrotech Developers, formerly known as the Lodha Group. In its filing with the National Company Law Tribunal (NCLT), the World Crest Society said that Macrotech has been unable to clear its dues of ₹7.2 crores against a sinking fund and some other overheads since 2019. Society is now taking the legal recourse to claim the pending dues along with interest. 

The petition also goes on to mention that Macrotech hasn’t constructed the buildings/towers in a proper manner mentioning the below-par quality of elevators, marbles used in the flats and lobby, and other substandard materials used in the construction. The petition further says that Macrotech acknowledged these defects and agreed to create a sinking fund of  ₹7.2 crores rather than directly paying flat owners. 

Also read - Mumbai: Biodiversity Panel Asks City’s Developers To Submit EIA Report

Anil Singhvi, Secretary of the World Crest Towers Society said, “These monies were due and payable at the time of handover of the society by the developer in April 2019, since then we have been having constant follow up. Lodha has avoided paying this on some pretext or other. Having exhausted all other methods of recovery of the money, we have been pushed to the wall and filed this bankruptcy petition.” 

However, Macrotech has a different perspective on the matter, saying that there no pending dues. 

“The property tax amount (as adjusted against any other outstandings) has been duly paid to the authorities as per the due date which was March 31, 2021, and the legal notice was sent prior to this. Members of the World Crest society owe us over ₹9 crores towards the maintenance of the common facilities outside the building. Against this, the amount of ₹7.2 crores which we had agreed to pay them has been offset. We will reply to their notice as per legal advice. This claim is without any merit and we will suitably address it before the competent authority,” Macrotech explained in a statement to BusinessLine.

Read - Lodha Developers To File Paperwork For IPO