Logix Neo World Sector 150, Noida

Logix Group launched Logix Neo World, a residential project in Sector 150, Noida, offering studio, 2, 3, and 4 BHK apartments with sports facilities and a golf course. The project spans 200 acres and includes a 9-hole golf course designed by Pacific Coast Design, sports training academies, and a luxury resort & spa.

Logix Infra Developers Pvt. Ltd. officially launched NEOWORLD (PHASE-1 TOWER-D, E & F) on 01-Sep-2014, with an expected completion date of 31-Dec-2020. The project, registered under RERA No. UPRERAPRJ4124, includes 249 residential units of 2 BHK and 3 BHK apartments, ranging from 700 to 926 square feet across 2.72 acres.

A review mentions dissatisfaction with the quality and commitment of Logix Group, citing issues such as external paint quality, water logging, hard water, and security problems at Logix Blossom County, with project delays of up to 6 years.

The Allahabad High Court directed the Noida Authority to refund ₹62.09 crore to Logix Buildwell related to a commercial plot allotment in Sector 32, while leaving the question of interest open for the company to approach the authority. The court's decision came after the authority cancelled the allotment due to alleged non-compliance by the realty firm.

The Noida Authority filed a complaint with Delhi Police's economic offences wing (EOW) against promoters of Logix City Developers Pvt Ltd, including Devendra Mohan Saxena, Shakti Nath, Vikram Nath, and Meena Nath, concerning unrealized dues and missed delivery timelines at the Blossom Zest housing project in Sector 143. The authority alleges the creation of third-party rights and misappropriation of funds collected from apartment sales, leading to financial losses for the authority and distress for homebuyers.

The National Company Law Tribunal (NCLT) terminated the corporate insolvency resolution process (CIRP) against Logix Infrastructure Pvt Ltd, the developer of Blossom County in Sector 137, citing "fraudulent intent" in the petition. The tribunal directed the return of management control to the former directors and ordered Experts Realty Professionals, the financial creditor, to bear CIRP costs and pay a penalty of Rs 5 lakh.

The National Company Law Appellate Tribunal (NCLAT) upheld the NCLT's order dismissing insolvency proceedings against Logix Infrastructure, the developer of the delayed Blossom County project in Sector 137, Noida. The tribunal cited fraudulent misuse of insolvency law, observing that Experts Realty Professionals (ERP) and Logix were related parties, with the insolvency plea being a guise to shield Logix from financial liabilities.

NCLAT upheld the NCLT's decision to recall insolvency proceedings against Logix Infrastructure, citing a "fraudulent" and "malicious" debt claim. The appellate tribunal affirmed collusion between Logix and Expert Realty Professionals, highlighting overlapping director roles and questionable financial transactions.

The Allahabad High Court rejected Logix Buildwell Private Limited's plea seeking interest on ₹62 crore paid to the Noida authority for a commercial plot in Sector 32, stating the firm voluntarily waived its right to claim interest. The court noted that Logix Buildwell had provided a notarized undertaking on January 9, 2023, confirming it would not claim interest.