With the Delhi firm finalised to take over operations of Baba Banda Singh Bahadur Inter State Bus Terminus in Phase 6, Mohali, not offering an adequate amount of compensation to the stakeholders, Greater Mohali Area Development Authority (GMADA) is now planning to run the busopolis project.
Once GMADA takes over the project, it will also take over all liabilities of stakeholders, investors and depositors and will run all activities of the commercial complex, except the operations of ISBT, which will be transferred to the Punjab state transport department.
The ambitious project was launched in 2009, after GMADA signed an agreement with C&C Towers Limited, and was to be completed in December 2011. Spread over seven acres, it was to have an inter-state bus terminal, three multi-storeyed towers with retail and office spaces, multiplex, five-star hotel, banquet hall and hypermarkets.
But since its inception, the project has been mired in controversies and possession delays. Twelve years on, while the bus terminal has become partially operational, the commercial towers are yet to be completed.
In 2019, the National Company Law Tribunal (NCLT)’s special bench initiated corporate insolvency resolution process of C&C Towers Limited, and KPMG international was appointed the resolution professional to settle the claims of financial creditors: banks, buyers and public allottees.
{{/usCountry}}In 2019, the National Company Law Tribunal (NCLT)’s special bench initiated corporate insolvency resolution process of C&C Towers Limited, and KPMG international was appointed the resolution professional to settle the claims of financial creditors: banks, buyers and public allottees.
{{/usCountry}}Earlier this year, KPMG finalised Delhi-based Mahakaram Builders to take over the project and even called for claims from all stakeholders. However, the firm failed to offer an adequate amount of compensation to all stakeholders, including GMADA, which is a major stakeholder.
Now, GMADA has put an appeal before the NCLT against the proposal of Mahakram Builders.
“We have filed an appeal before the NCLT, as we are major stakeholders and had leased out the land to the company. We are now planning to be a part of the process and act as a bidder and run the project as our own,” said Vipul Ujwal, chief administrator, GMADA.
Around 500 buyers who have invested around ₹100 crore in commercial properties at the busopolis also want GMADA to take over the project
Harbhajan Singh Jolly, general secretary of the C&C Mohali Junction Clients Association, said the company finalised by KPMG will not be able to run the ₹400-crore project. “We have requested GMADA to take over the project,” he said.