Noida Authority has canceled the lease deed of a plot connected with Amrapali Group and sealed it and took possession of the property. 10 days ago the Authority had issued a notice to the owner of the plot, Navodaya Properties Pvt. Ltd.. Explain that this action was taken after corporation bank was kept for the auction. 9.10 crore of the bank is owed on this property.
The authority argues that the property lease is on hold, so before the auction, both the bank and the owner should have obtained permission from the Noida Authority prior to its auction. Officers said that the bank has no right over this property, the first right is on Noida Authority which has been given clearly in Lease Deed. Plot no -37, sealed in Block C-56 Noida Sector 62 and took possession of the Noida Authority officials team on the spot. An officer told that the proceedings were completed till midnight and on Friday it has been given notice that we have occupied the property.
Meanwhile, the auction to be held on Friday has been stopped. Corporation Bank officials said that we are taking legal advice in the matter as we have to recover Rs 9.10 crore. Explain that on March 1, 2007, the plot was transferred to the office in the name of Navodaya Properties of Kabir Overseas. In this building, the parental institution of Navodaya Properties is the office of Amrapali. On March 14, 2011, the Amrapali Group took a loan against the Corporation Bank and named it Ultra Home Construction Pvt. Ltd.