In a new twist to the ongoing legal battle over revival of AN Buildwell’s two projects in which over 1,700 people have invested in residential and commercial properties, the Delhi High Court has asked buyers to come up with a revival plan.
Observing that the first priority of the court is revival of the real estate company, Justice Siddharth Mridul asked the buyers in the two projects-Spire Edge, a commercial project in Manesar, and Spire Wood, a group housing project in Gurgaon’s Sector 103-during a hearing on November 11 to submit a revival plan with detailed road-maps on how and when funds would be infused, along with construction-linked deadlines.
The court has said that it will consider both the revival plans, including the one already submitted by the company, before taking a final call on the fate of the projects. The next date of hearing of the case is slated for December 20.
The court’s latest direction came in the wake of an appeal filed by a group of buyers under section 391 of the Companies Act, 1956, seeking permission to complete the projects.
Shaunak Kashyap, a lawyer who appeared for the buyers, said, “The court has assured that the revival scheme of the customers will be considered. Never before has Section 391 been used to hand over a real estate project to laymen who have through sheer perseverance put together the wherewithal to construct and develop an incomplete project by getting together not just the funding but also the developers, construction experts and architects. ”
Mired in controversy since the launch of the two projects, directors of AN Buildwell have already resigned, while work at sites stopped for the last two years as the company went into liquidation.