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Sikka Group Inches Towards Insolvency

Trouble is far from over for homebuyers in Noida, Greater Noida as the National Company Law Tribunal has started the insolvency proceedings against Sikka Group. The developer is one of the leading names in north India with projects in Noida, Greater Noida and Dehradun. The NCLT has appointed Anup Kumar as the interim insolvency professional and has asked financial creditors to submit their claims with proof by February 9. The insolvency procedure is expected to finish by July 22.

Homebuyers are required to fill Form C for submitting their claims. According to the NCLT’s public announcement, all the financial creditors have to submit their claims through electronic method only and send their filled forms along with the copy of proof at [email protected]

About the builder 

Sikka Group is one of oldest developers in the national capital region with total built up area of the ongoing project exceeding 6 million sq ft, according to the official website. At present, the builder has 10 active residential and commercial projects in different parts of North India. The builder had announced its plan to foray into education and hospitality with speeding up the construction in its four incomplete residential projects in Noida, Greater Noida and Dehradun in September 2018 but failed to meet its commitment. These projects were scheduled for completion in 2014 but has been delayed by over four years now. Apart from the incomplete projects, homebuyers in 2017 has also complained of violation of sanctioned building plans and poor construction quality to Noida Authority. It was then when the builder was asked to submit tower-wise completion plan after which it raised a debt of Rs 230 crore to complete 3,300 housing units in Noida region. The project was scheduled for delivery in March 2018 but still remains incomplete till date with no basic amenities and facilities in place.

Read the public announcement here

The post Sikka Group Inches Towards Insolvency appeared first on Housing News.

This post first appeared on Get All Real Estate Market Trends With In-depth Market Research, please read the originial post: here

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Sikka Group Inches Towards Insolvency


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