Macrotech Developers (Lodha) update on dispute with World Crest society

Macrotech Developers (Lodha) announced that the company has outstanding claims from the World Crest society (society) members towards payment of maintenance charges of approximately Rs. 9 crore. The society/its members have not made payment of these amounts in spite of constant follow-up. It is understood that the society has filed a suit in the National Company Law Tribunal (NCLT) for payment of Rs. 7.2 crore from the Company.

The Company has been advised that this is a contractual dispute and intends to defend these proceedings and take appropriate measures to recover the moneys due to it from the society.

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