Noida, Jan 6 (IANS): The National Company Law Appellate Tribunal (NCLAT) has dismissed Wave Group's appeal for insolvency proceedings.

The hearing was held on Thursday. The builder group had appealed to the NCLAT against National Company Law Tribunal's (NCLT) dismissal of its plea for insolvency proceedings on its Megacity Centre project.

The NCLAT upheld the old order, along with the fine of Rs 1 crore.

Wave Megacity Centre Private Limited, of Sector 32-25, Noida, had filed a petition for Corporate Insolvency Resolution Process (CIRP) in the NCLT, which was dismissed by it on June 6, 2022.

The group had then appealed against the order in the NCLAT.

In 2011, Wave Megacity Centre Pvt Ltd had been allotted 6.18 lakh square metres of land on leasehold basis, at the rate of about Rs 1.07 lakh per square metre for Rs 6,622 crore.

The Noida Authority launched the Project Settlement Policy (PSP) in December, 2016, to ensure timely delivery of units to buyers and recovery of dues in instalments.

Under PSP, the authority took back 4.5 lakh square metres of the WMCC land.

On March 10, 2021, the allotment of 1.08 lakh square metres of land was cancelled and withdrawn by the Authority, and the two towers were sealed.