This insolvency declaration, among other things, has made Greater Noida Authority powerless in terms of intervention (from the home buyers side). This insolvency declaration, among other things, has made Greater Noida Authority powerless in terms of intervention (from the home buyers side). This would ensure that going forward NCLT cannot declare any real estate firm as insolvent without informing the Greater Noida Authority. According to officials of the Greater Noida Authority, developers of several projects in the area are not paying their bank installments, and their dues. Bal Krishna Tripathi, additional chief executive officer of Greater Noida Authority, said that the authority is taking the help of legal experts.

Source: dna October 06, 2017 02:37 UTC