Supreme Court Halts ED Probe in Noida Luxury Housing Project

The Supreme Court has granted an interim stay against the Allahabad High Court's directive for an Enforcement Directorate (ED) investigation into financial transactions linked to Noida's luxury housing project Lotus 300. The court's decision temporarily halts the probe targeting Hacienda Project Private Limited and its associated entities.

The Supreme Court has issued an interim stay on the Allahabad High Court's directive for an Enforcement Directorate (ED) investigation into financial deals tied to Noida's luxury housing initiative, Lotus 300. This decision was made by a vacation bench comprising Justices Sanjay Kumar and Augustine George Masih on Tuesday.

Previously, on February 29, the Allahabad High Court had called for an ED probe into alleged financial discrepancies in the incomplete housing project, located in Noida's upscale Sector 107. The land was designated to Hacienda Project Private Limited (HPPL), a consortium with Pebbles Infrotech as the lead company, under the parent company 3C.

In addition to the probe, the high court criticized the local Noida Authority for 'gross negligence' in addressing or evaluating its dues over a decade, which have now risen to approximately Rs 166 crore. The Supreme Court's stay on paragraph 114 of the order puts a hold on the ED investigation, while paragraph 117's direction for Noida Authority to issue occupancy or part-completion certificates within a month remains intact.