The accused, identified as Neh Srivastav, was at one stage undersecretary in the government and had taken voluntary retirement after the registration of an FIR.
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Before demolition, it must be ensured that allottees in both towers have been refunded money with interest or given alternate accommodation, the The Forum For People's Collective Efforts said.
"This whammy comes along with the inflationary trends of primary raw materials, including cement, steel, labour, etc., that have recently led to a rise in property prices," an expert noted.
When the payment is received by the corporate debtor from an allottee, it becomes obliged to hand over the possession of the house and the allied liabilities.
The Centre has decided to set up a sub-committee under the Central Advisory Council (CAC) to look into grievances and issues concerning the stakeholders, including homebuyers.