Wave City files plea before NCLT for bankruptcy, leaves buyers baffled

Greater Noida :  Real estate firm Wave Megacity Centre has moved to the National Company Law Tribunal, requesting it to initiate insolvency proceedings against itself due to not being able to clear the dues of the Noida Authority.

The group is developing commercial and residential projects in sectors 25A and 32 of Noida. However, the company is yet to deliver units in residential towers, though it has delivered some shops in its Sector 32 project. Wave has asked NCLT to initiate the insolvency proceedings “due to failure of the corporate debtor to pay dues to the Noida Authority worth Rs 1,222 crore.”

Earlier this month, Noida Authority had seized a 1.08 lakh sq meter land belonging to the Wave Mega City Centre located in the heart of Noida in Sector 32. Officials had said that the action was taken after the company allegedly failed to pay dues for the land in question, forcing the authority to take possession after cancelling the allotment on February 11, 2021. Two towers have also been sealed.

When asked, Noida authority’s chief executive officer Ritu Maheshwari said, “We are not aware of Wave Megacity Centre filing an application before NCLT. We cancelled the land allotment and sealed the land as per rules.”

The news has caused a havoc among the buyers of Wave properties in Noida. One buyer said, “We have been paying rent from many years and still waiting to get possession of our own house.”