Tag: Unitech

Latest StoriesResidential

IBBI Considers Resolution Benefits for Homebuyers

NEW DELHI: The insolvency regulator has proposed easing regulations to ensure that all homebuyers affected by bankrupt real estate developers can benefit from resolution gains, including those who have not submitted claims. This initiative could potentially aid thousands of allottees nationwide. In a discussion paper, the Insolvency and Bankruptcy Board of India (IBBI) has recommended enhanced disclosures regarding stressed firms’ assets, stricter safeguards for committees of creditors lacking financial institution representation, and proper documentation for liquidation orders. “The Information Memorandum related to the stressed firm should include all allottees’ details—names, amounts owed, and allotted units—as per the corporate debtor’s records,…

Latest StoriesRegulatory

Sebi, stock exchanges drop fines on Unitech

The Securities and Exchange Board of India (Sebi), along with the NSE and BSE, has decided to waive fines and penalties previously imposed on Unitech due to non-compliance issues linked to its former management, according to the government-appointed board of the embattled real estate firm. The leading stock exchanges have also lifted trading restrictions on Unitech securities. Starting October 7, Unitech Ltd’s securities will be transitioned from the restricted Z category to the actively traded B category on the BSE, while the NSE will move the company from the restricted BZ series to the default EQ series. “Shareholders have long…

Latest StoriesRegulatory

Greater Noida: Builders’ ₹4,000 Cr Dues Amid Legal Issues

NOIDA: The Greater Noida Industrial Development Authority (GNIDA) is currently grappling with unpaid dues totaling Rs 4,081 crore from 21 significant real estate projects. Legal proceedings at various levels—from the National Company Law Tribunal (NCLT) to the Supreme Court—have created obstacles for the Authority in recovering these amounts. A report from GNIDA indicates that each project owes over Rs 100 crore, with Supertech Ltd at the forefront as the largest defaulter. The company has outstanding payments of Rs 903 crore, attributed to three projects—Rs 312 crore for one in Sector 1 and Rs 590 crore across two in Sector 16B.…