Analjit Singh

Analjit Singh www.infralive.com 32 Infra LIVE May 15, 2022 Box-C: Extract of CAG Report dated November 18, 2021 p u r p o s e o f g r a n t i n g reschedulement was to recover the dues. CAG's counter to reply by NOIDAAuthority NOIDA allowed a last chance in th the 185 Board meeting (May 25, 2015) to those allottees who had earlier availed the facility of reschedulement and despite that the allottee failed to deposit the dues timely. Yet reschedulement was again sanctioned. Further, d e s p i t e g i v i n g f o u r reschedulements, dues amounting to Rs 874.46 crore is outstanding which defeats the very purpose of the reschedulement as quoted by NOIDA. N O I D A A u t h o r i t y ' s response toCAG Reschedulement was given on December 14, 2013 and Rs 7 crore was deposited. Second reschedulement was given July 30, 2015 by the CEO. This facility was given in pursuance of Board decision as final chance of reschedulement of dues instead of cancellation. Various letters were issued to the allottee demanding the amoun t and t h e a l l o t t e e deposited Rs 46.92 crore on November 21, 2015. Fourth reschedulement was approved by the CEO on May 2, 2016 and demand notice was issued to the allottee. Therefore, the main Dues of Rs 874.46 crore from BoulevardProject Pvt Ltd Issues flaggedbyCAG On December 24, 2013, first reschedulement given. On Ju l y 3 1 , 201 5 s e c ond reschedulement was given by NOIDA inspite of non-payment of Rs 243 . 80 c r o r e a f t e r f i r s t reschedulement. On December 1, 2015, third reschedulement given inspite of non-payment of Rs 243.80 crore after second reschedulement. On June 24, 2016, fourth r e s chedu l emen t s anc t i oned inspite of non-payment of Rs 101.46 crore since last / third reschedulement. any, thereon, shall be resumed in favour of the Lessor and the lessee shall not be entitled to claimany compensation for the same. (p)The allotment is found to be obtained by any misrepresentation, concealments, oppression of any material facts by the lessee, the allotment of plot will be cancelled and/or lease will be determined, as the case may be. In addition, the entire money deposited by the lessee and sub-lessee(s)/ Transferee shall be forfeited and legal action for such misrepresentation, concealment, suppression of material facts shall be taken. Approval 24.10.2011 for Plot No. C-001/A, Sector-16B by Noida Authority for commercial building by Boulevard Projects Pvt Ltd, C-23, GreaterKailashEnclavePart-I, New Sub-LeaseDeedadditional terms 27. This sub leased deed is exempted for payment of stamp duty vide Finance Department Notification No. M-599/X-501 dated March 25, 1942 issued by State Govt in exercise of the powers conferred by cause(a) of section 9 of the Indian Stamp Act 1899 (11 of 1899) as this deed is regarding transfer of property between the companies in which holding company Boulevard Projects Pvt Ltd is beneficial owner of 100 pc of issued share capital of the transferee companyWise Zone Builders Pvt Ltd. granted by the Lessor, on the payment of extension charges applicable as per the prevailing policy at the time of grant of such extension. (l) The lessee can transfer the whole plot and the buildings constructed thereon with the prior permission of the Lessor, after payment of transfer charges as per the prevailing policy of the Lessor (o) If the lessee and/or sub- lessee(s)/ Transferee defaults to deposit the due money/ instal- ment within the given time or such extended per iod as i s allowed by the Lessor or commit any breach of the terms and conditions as laid down in this brochure, allotment letter, lease deed, the allotment/ lease may be cancelled/ terminated 30 pc of the total premium of the plot or the premium/ instalment deposited till then alongwith lease rent, interest, extension charges etc deposited, whichever is less, shall be forfeited in favour of the Lessor. Balance amount, if any, after forfeiting the amount as indicated above, will be refunded without interest. Possession of the plot, alongwith the structures, if