A Bench of Justices PV Sanjay Kumar and Alok Aradhe restored the resolution plans submitted by two firms, Roma Unicon Designex Consortium and Alpha Corp Development Private Limited, for the completion of the projects
The Court also criticised the Greater Noida Industrial Development Authority (GNIDA) for its persistent inaction and ineptitude.
“The inertia on the part of GNIDA and its failure to protect the interests of the home/office space buyers, apart from its own interests, clearly disentitles it from levying penal interest/penal charges/time-extension penalties at this stage,” the Court said.
However, it permitted recovery of principal amount.
