NOIDA: After nearly ten years of halted construction and growing concerns among numerous homebuyers, the Allahabad High Court has removed a significant barrier to reviving the Delhi One project in Sector 16B.
A division bench comprising Justices Mahesh Chandra Tripathi and Anish Kumar Gupta instructed the Noida Authority on September 15 to approve the building plans for Max Estates Limited, contingent upon the company depositing 50% of the disputed ₹67 crore in change in constitution and shareholding charges (CIC/CIS) within a week.
The court also directed the Authority against taking any coercive actions during this timeframe. This ruling represents a pivotal moment in a long-standing legal dispute that has left many buyers, investors, and creditors in uncertainty since 2015, when the financial difficulties halted the ambitious mixed-use project. Launched in 2010 by Boulevard Projects Pvt Ltd (BPPL) of the Three C group along the DND Flyway, the project promises luxury homes, upscale office towers, and a five-star hotel. However, by 2015-16, construction ceased, leaving many families and investors in limbo, with the Authority’s dues still owed.
The situation worsened in February 2019 when BPPL entered the corporate insolvency resolution process (CIRP) through the National Company Law Tribunal (NCLT). Following prolonged legal battles, the NCLT approved a resolution plan presented by Max Estates, the real estate arm of the Max Group, on February 27, 2023. This plan focused on reviving the project, settling unresolved creditor claims, and finally delivering the long-awaited homes and offices.
However, the path to revitalization was not straightforward. Initially, the Authority claimed dues exceeding ₹932 crore, but the NCLT recognized only ₹325 crore. The Authority subsequently appealed to the National Company Law Appellate Tribunal (NCLAT), which recorded a revised settlement in October 2024.
Under the new conditions, Max consented to pay ₹613 crore over three years, including interest at the State Bank of India’s MCLR rate, in exchange for a three-year extension to complete the project. The NCLAT formally acknowledged this agreement on October 25, 2024, allowing Max six months to initiate implementation, with the first payment of ₹135 crore made on April 23 this year.
Despite this payment, the project faced another hurdle when the Authority imposed an additional ₹67 crore in CIC/CIS charges, citing its Unified Policy (2025) that requires such fees when there is a 100% change in shareholding.
Max Estates contested this decision, asserting that the ownership alteration was not voluntary but mandated by the NCLT’s resolution plan, which, under Section 31(1) of the Insolvency and Bankruptcy Code, is binding on all stakeholders, including government authorities. The company warned that further delays could endanger the project’s viability and lead to significant extension charges, making it impossible to meet the April 2028 deadline.
With the Authority’s board unable to resolve the issue, Max submitted a writ petition to the high court. On April 7, the court instructed the Authority to resolve the matter within four weeks, but the Authority’s board resolution on June 12 upheld the CIC/CIS charges, prompting Max to return to court.
In its most recent ruling, the high court found sufficient preliminary grounds for Max’s case. “As an interim measure, it is ordered that subject to the deposit of 50% of the demand within one week, no coercive action shall be taken against the petitioner according to the contested resolution/letter. Subsequently, the Authority should grant the necessary permissions to the petitioner to enable the project to commence,” the court stated.
The bench also specified that Max must continue to fulfill its payment obligations according to the NCLT-approved schedule.
