Initially, Max sought a total waiver of the CIC but later revised its proposal to pay Rs 22 crore—around 40% of the assessed fees—into an interest-bearing account under certain conditions. The Authority, however, maintained that the full amount is required unless waived by a competent court, tribunal, or its own board.
Delhi One, a mixed-use project being developed by Boulevard Projects, was acquired by Max Estates after it was selected as the successful resolution applicant through the National Company Law Tribunal (NCLT) proceedings.
According to the approved resolution plan, Max committed to clear dues with secured financial creditors and the Authority, which initially filed claims exceeding Rs 932 crore. However, only Rs 325 crore of Noida’s claim was formally recognized under this plan. To expedite project completion and address outstanding liabilities, Max presented a revised conditional offer to pay Rs 613 crore to the Authority over three years, equating to 53% of the total claimed dues, including interest at SBI’s MCLR rate.
While the Authority board tentatively accepted the settlement proposal, Max sought a waiver of the CIC, arguing the charges were unwarranted under the circumstances. When the Authority delayed its decision, Max turned to the Allahabad High Court, which in April instructed the Authority to bring the issue before its board and communicate the decision to the developer within four weeks.
On April 21, Max submitted a proposal to pay Rs 22 crore toward the CIC, requesting the ability to withdraw this amount if the Authority ruled in its favor, while also reserving the right to legally challenge any unfavorable decision on outstanding charges.
