Greater Noida: For recovery of land allotment amount due From developers, the district administration has decided to monetize the operational assets of the defaulters. To begin with, the administration will handle the operation of the gondola ride at Grand Venice, Greater Noida. mall.
A big attraction for visitors, the gondola rides have been closed since the first wave of the pandemic. However, officials said the money collected through Gondola Rides once the facility is commissioned will be used to settle the dues of the Greater Noida Authority.
Located close to Pari Chowk, several recovery notices have been issued to the developers of the mall – Myst Direct Sales Pvt Ltd and Bhasin Group. Apart from UP-RERA and Greater Noida Authority, both the companies are also facing proceedings initiated by financial institutions and banks.
Additional DM (Finance and Revenue) Vandita Srivastava told TOI, “We realized that the gondola ride is being operated by a company which has to settle the dues. Despite the reminder, no one came forward to pay the amount. Hence, we have decided to take over the operation of gondola rides.”
Sources disclosed that action has also been initiated against the companies under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act.
District entertainment officer JP Chand said, “We have got the order. At present, no rides are being operated in the mall. Once the operations start, we will collect the revenue and send it to the administration. Meanwhile, old records and financial statements will be sought to determine how much income came through rides in a month. ”
The owner of the mall was arrested by the UP Police in December 2020 for allegedly duping investors. Though no one picked up the numbers mentioned on the mall’s website, an executive working at the mall said, “We cannot comment on the issue as we do not have any details about it. Legal options can be evaluated after examining the administrative order.”
A big attraction for visitors, the gondola rides have been closed since the first wave of the pandemic. However, officials said the money collected through Gondola Rides once the facility is commissioned will be used to settle the dues of the Greater Noida Authority.
Located close to Pari Chowk, several recovery notices have been issued to the developers of the mall – Myst Direct Sales Pvt Ltd and Bhasin Group. Apart from UP-RERA and Greater Noida Authority, both the companies are also facing proceedings initiated by financial institutions and banks.
Additional DM (Finance and Revenue) Vandita Srivastava told TOI, “We realized that the gondola ride is being operated by a company which has to settle the dues. Despite the reminder, no one came forward to pay the amount. Hence, we have decided to take over the operation of gondola rides.”
Sources disclosed that action has also been initiated against the companies under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act.
District entertainment officer JP Chand said, “We have got the order. At present, no rides are being operated in the mall. Once the operations start, we will collect the revenue and send it to the administration. Meanwhile, old records and financial statements will be sought to determine how much income came through rides in a month. ”
The owner of the mall was arrested by the UP Police in December 2020 for allegedly duping investors. Though no one picked up the numbers mentioned on the mall’s website, an executive working at the mall said, “We cannot comment on the issue as we do not have any details about it. Legal options can be evaluated after examining the administrative order.”
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