After Supertech, now Logix group facing bankruptcy; fate of around 2700 home buyers uncertain

Collier International (India) Property Services has reached NCLT against Logic Builder.

Image Courtesy: logixgroup.in

New Delhi: 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.

The news comes on the backdrop of bankruptcy reports of real estate developer Supertech. Last week, Supertech was declared bankrupt by the National Company Law Tribunal (NCLT), a move that could have a bearing on more than 10,000 home buyers of the firm's ongoing projects in the Delhi and NCR region.

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.

Several big real estate companies are facing insolvency proceedings including Jaypee Infratech and Mumbai-based HDIL. Amrapali group and Unitech group have also defaulted in delivering many projects, particularly in Delhi-NCR, affecting thousands of homebuyers. The government has taken over the management control of Unitech, while NBCC under the supervision of the apex court is completing stalled projects of Amrapali. 

With PTI Inputs