Five developers apply to take over two projects by insolvency-hit 3C Group

HT Image
HT Image
Published on Mar 11, 2020 11:32 PM IST
Copy Link
ByVinod Rajput, Noida

Homebuyers of two stuck housing projects—3C Lotus Panache in sector 110 and 3C Lotus Boulevard in sector 100—are hopeful of getting their flats as five companies have shown interest in taking over the projects by 3C Group, which is facing corporate insolvency proceedings.

Thousands of homebuyers have been suffering for about 7 years as the realty major 3C Group allegedly failed to finish and deliver flats in its realty projects. The 3C Group had started developing these two projects in 2009-10 with a promise of delivery 2013-14 onward. However, the developer could only partially finish the project and over 3,000 housing units are yet to be finished and delivered.

Corporate insolvency proceedings were started December 2018 when 3C Group promoters—Nirmal Singh, Supreet Singh and Vidhur Bharadwaj—were arrested for allegedly diverting funds collected from homebuyers to other projects. While they were released on bail, the cases against them remain pending. In January, 2019, homebuyers dragged the 3C Group to the National Company Law Tribunal (NCLT) which appointed a resolution professional (RP), who took over the control of this company removing its three promoters. The resolution professional is now trying to select a new developer, who can take over the two projects and deliver flats.

President of Lotus Panache welfare association, a group of homebuyers fighting the case against the builder in NCLT Amit Chauhan had booked two flats in 2012 with agreement of getting delivery by 2014. But, he, like many others, is yet to get his home.

“Now, we hope that we will get the flats delivered once one of the five companies that have shown interest is selected via laid down procedures. The NCLT had recently appointed a new resolution professional, who has expedited the process of selection of a developer. This developer will take over the stuck projects. Earlier, the process was way too slow,” Chauhan said.

While 3,000 buyers in 36-acre Lotus Boulevard have shifted into their flats, another 300 are yet to get theirs. In 41-acre Lotus Panache, around 2,800 units remained unfinished while around 1,200 have been delivered so far.

As per the corporate insolvency procedure, the NCLT-appointed resolution professional invites resolution applications from companies/developers. Once a company or developer submits their resolution plan, the RP places these before the committee of creditors (COC) that consists of buyers, investors and lenders. Subsequently, this committee will discuss resolution plans of each of five developers or companies in a meeting and conduct E-voting.

Through e-voting, the COC will finalise one successful developers out of five—SMV Agencies Private Limited, E-Homes Infrastructure Private Limited, Panchtatva Promoters Private Limited, Purvanchal Projects Private Limited and UV Assets Reconstruction Private Limited.

“Two housing projects—Lotus Panache and Lotus Boulevard—are economically viable and once the developer is selected the road map to finish and deliver projects will be made public. The voting to select one successful developer out of five will take place from April 1-4, 2020. All buyers should vote and select the best developer. We hope once the developer is selected the two projects will be delivered in next 12-18 months,” said Chandra Prakash, the NCLT-appointed resolution professional.

Close Story
Story Saved
Saved Articles
My Reads
Sign out
New Delhi 0C
Tuesday, December 07, 2021