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Search to find bidder for Appu Ghar extended by 69 days

In 2009, the Haryana government had allotted land to the IRAL in Sector 29 near the Huda City Centre Metro station at a throwaway price, leading to resentment among residents, on whose demand a vigilance inquiry was marked in May 2015. However, the report was never made public.

gurgaon Updated: Apr 30, 2019 04:48 IST
Dhananjay Jha
Dhananjay Jha
Hindustan Times, Gurugram
iral,appu ghar,huda city centre metro
At least 1,200 investors were offered investment opportunities in Appu Ghar with a proposed mall and food court. (HT Photo)

The National Company Law Tribunal (NCLT) has granted an additional 69 days to the internal resolution professional (IRP) appointed to find a competent bidder to address the financial problems of the International Recreation Amusement Limited (IRAL), better known as Appu Ghar, in Sector 29.

IRP Pramod Kumar Sharma said he has been given time till July 8 to address the problem.

“My 270-day (nine months) tenure ends on April 30 and during this period we could not find a suitable bidder, but the process is underway and we hope it will be decided in a week or two. We requested the NCLT to grant us some more time. The NCLT gave us 69 days,” Sharma said, adding that a few bidders have been shortlisted and the matter will be discussed in a meeting with investors on May 6.

IRAL director Rakesh Babbar refused to comment on the matter saying, “The matter is in NCLT, so it is not appropriate for us to comment.”

At least 1,200 investors were offered investment opportunities in Appu Ghar with a proposed mall and food court. The IRAL, which promised to deliver the shops in 2015, left the project incomplete claiming financial crunch. After three years of delay in the handover of shops and seeing no sign of completion of the mall and food court by the IRAL, investors moved the NCLT in August last year which appointed the IRP to complete the projects. After appointment of IRP, IRAL’s board of directors of were suspended till matter is resolved.

Amit Chanana, one of the investors, said, “The IRAL was found guilty of transferring our money to his other projects with a wrong intention and all this is documented in the forensic audit. The IRP lodged a complaint in the NCLT of non-cooperation against the IRAL. Now, about ₹400 crore is required to complete the mall and food court and other dues. We hope this gets resolved in the next 69 days time otherwise we will be forced to move the Supreme Court.”

According to sources, the IRP has shortlisted two bidders, and the matter will be discussed at a meeting of committee of creditors (COC) on May 6.

“We will discuss about the two new bidders in the COC meeting. We hope there will be consensus on one of the two. We have wasted nine months already and we want a solution now,” another investor Amit Vohra said.

In 2009, the Haryana government had allotted land to the IRAL in Sector 29 near the Huda City Centre Metro station at a throwaway price, leading to resentment among residents, on whose demand a vigilance inquiry was marked in May 2015. However, the report was never made public.

First Published: Apr 30, 2019 04:48 IST