Inaction by the AN Buildwell Promoters despite receiving orders from the hon’ble Delhi High Court

The agonizing journey for many distraught customers of AN Buildwell Pvt Ltd still continues.

After uniting together, all the Spire Edge and Spire Woods Customer Associations filed a modified revival scheme on 20th June 2016, to put a stay on the liquidation of AN Buildwell Pvt Ltd. This revival scheme represented the interests of the majority of the creditors. Delhi High Court having found the scheme to be in order, has taken further action in the customer interest, by waiving any call for objections and by issuing a notice to the Provisional Liquidator calling for reply and comments on the Revival Scheme within four weeks.

While this fight by the customers is going on, the promoters started supporting a small fraction of customers by the proxy group of Spire Woods Residents Association. By misusing the customer’s support, they have been trying to create distrust amongst the customers, so that the promoter can further delay their actions under the pretext of these customers.

Everyone involved in this project has been aware of the fact that the promoters were against this revival scheme and they deliberately delayed the filings of revival application by the owners. The intention of Maj. SK Hooda and Sphere Invest Group was exposed, which was to get the liquidation done in order to escape from their liabilities. However, being in a desperate situation, Maj. SK Hooda’s Schleicher Intec Pvt Ltd filed an application through Provisional Liquidator in the Delhi High Court for de-watering the water-logged Spire Woods project, in the hopes of winning the sympathy of its customers which would help them gain more time in their pockets. Even after receiving permission to de-water the project, the promoters took absolutely no action. The agitated customers, who have been denied their rightful ownership of their properties, highlighted to the Honourable High Court this fact of inaction by the promoters who have failed to de-water the project. As the fraudulent activities of these promoters were exposed and the true intentions of proxy associations and promoters were revealed, the Honourable High Court has very stringently instructed owners to start de-watering within 3 days and this process should also include the proper treatment of the area so that there is no further water logging. In the case of non-compliance by the promoters, the appealing associations have the right to review and report to the High Court.

Through the Provisional Liquidator and revival scheme filed by all the customer associations, High Court is acquainted with the knowledge of funds that were siphoned off by the promoters, which were to the tune of Rs.42.05 crores. The Provisional Liquidator has now been instructed by the High Court to investigate into the affairs of AN Buildwell and particularly the siphoning of Rs.42.05 crores and submit the report. If Provisional Liquidator believes that any further investigation is needed then so can be suggested through SFIO.

While the customers are in doubt about how the revival scheme will take action since the promoters have already disobeyed the court orders the very first time, there still lingers some hope in their eyes which is propelling them to keep this fight on, and get back their rightful properties and units for which they have invested their life savings.

References