NCLT Scraps Insolvency Proceedings Against Sikka Group
The National Company Law Tribunal has scrapped the insolvency proceedings against realty arm of Sikka Group, Sikka Infrastructure, after the homebuyers who had initiated the move submitted they had settled the matter with the realtor. Last month, the tribunal had initiated insolvency case against Sikka Infrastructure over project delays.
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The builder is one of the leading names in north India, with projects in Noida, Greater Noida and Dehradun.
At present, the builder has 10 active residential and commercial projects in different parts of north India. Sikka is one of oldest developers in the national capital region with a total built-up area of the ongoing project exceeding six million sq ft, according to the official website of Sikka Group.
In September last year, the group had announced it would speed up the construction in its four incomplete residential projects in Noida, Greater Noida and Dehradun. These projects were scheduled for completion in 2014, but had been delayed by over four years now.
In 2017, some homebuyers had also complained of violations of sanctioned building plans and poor construction quality in a Noida-based project. The builder was asked to submit tower-wise completion plan to the Noida Authority after which it raised a debt of Rs 230 crore to complete 3,300 housing units in the Noida region. The project was scheduled for delivery in March 2018 but still remains incomplete with no basic amenities and facilities in place.