This Latest Delhi High Court Judgement Is A Huge Blow To Unscrupulous Promoters

Posted by Mera Ghar Mera Haq in News, Specials
February 24, 2018

In a major relief for 1800 belaboured customers of AN Buildwell Pvt Ltd (currently under liquidation), on February 15, 2018, the Division Bench of the Delhi High Court dismissed a petition seeking to transfer the case to NCLT and pushing the company firmly into liquidation.

Mired in controversy since the launch of the two projects, all directors of AN Buildwell have already resigned, while work at sites has stopped for the last few years, as the company went into purposeful liquidation.

The Hon’ble Bench accepted submissions by Mr Vikas Sethi on behalf of FOSECA and SWBA, collectively representing over 1100 customers of AN Buildwell who submitted bonafides of the respective associations as well as proof of support from the majority of creditors. The Hon’ble Bench observed that the interests of the larger group should not be held hostage by the interests of a few individuals and passed an order dismissing the petition and asking for the revival petitions pending at the Company Court to be put on the fast track.

It gets frustrating every day when you see that the promoters of ANB are doing absolutely nothing to help us, the customers and buyers of Spire Edge and Spire Woods. The Hon’ble Court came down heavily on the investigating department for the manner in which the investigation had been conducted.

The latest hearing which took place at Delhi High Court has literally exposed the conspiracy that these promoters have been hatching.

Mr Sunil Gandhi and Mr SK Hooda, the dreaded names, have been devising a deep-rooted conspiracy in collusion with many to sweep under the rug their misdeeds and hide face behind the ongoing legal proceedings. Same planted content on the internet was simply meant to divert everyone’s attention from the bigger crimes that the promoters have done.

Investigation aspects not convenient to Promoters have been deliberately overlooked and buried deep. All our fellow investors are asking us. “Why is EOW shielding Promoters and putting obstacles in our way?” asked Mr Vikas Sethi, President, FOSECA, appealing to the authorities to ensure that relief for customers was of paramount importance, as had been pointed out by the Hon’ble Division Bench of the Delhi High Court on February 15, 2018, and that they should ignore proxies and individual fronts put up by Promoters to derail genuine customer efforts.

A version of this article was previously published here.