Cloud 9 Company Director arrested for not clearing Rs 65 crore dues

Greater Noida:  A team led by Rajeev Rai, Sub Divisional Magistrate of Dadari on Thursday arrested Ashish Gupta, director of Cloud 9, a realty company in Noida. Thereafter he was lodged in jail under Dadri Tehsil.

Following a direction from District Magistrate B N Singh in which DM ordered strict action and recovery of dues pending against the allotted plots from the accused. Following this command, the arrest of cloud 9 director was done on 25th July.

The company owes Rs 65 crore dues to New Okhla Industrial Development Authority over-allotment of plots to the company. Earlier, the sub-division magistrate had issued a recovery certificate and had given time to comply with recovery order. But the developer failed to comply with the order.

Rai said, “Though developer was given sufficient time for clearance of dues against plots allotted for development of projects, he did not follow the order. He is now arrested and kept in the revenue lock-up of the Dadri.”

Further, he warned that similar action will be taken against those defaulting allottees who fail to comply with the recovery order. He suggested that it would better for them to clear the land dues of the respective authorities, who allotted them plots for development of commercial and residential projects in the city.