: Homebuyers of
on Friday lodged a complaint with the
economic offences wing
(EOW) of Delhi Police against the promoters of The
for allegedly cheating them and committing financial fraud, a day after the National Company Law Tribunal (
) ordered insolvency proceedings against the developer.
A subsidiary of 3C, Granite Gate Company is actually building the ‘Lotus’ brand projects, including Lotus Panache in Sector 110.
The project that has 30 towers with 4,000 apartments, was sold between 2009 and 2010, and the delivery was supposed to be completed by 2012. But six years on, only 900 flats have been handed over to buyers.
Lotus Panache Welfare Association said it lodged the complaint against the three promoters of The 3C Company — Nirmal Singh, Vidur Bhardwaj, Supreet Singh Suri — and their associates. “This is because we strongly suspect siphoning off funds from the Panache project to other businesses of the promoters,” Amit Chauhan of LPWA, told TOI.
The same three promoters were arrested by the EOW of Delhi Police in December last year also, on a complaint of cheating lodged by homebuyers of Lotus 300, another project in Noida. The accused, all residents of Delhi, are currently out on bail.
“The complaint has been filed by the 850-strong buyers’ association under sections 409 (criminal breach of trust), 420 (cheating), 34 (common intention) and 120B (criminal conspiracy) of Indian Penal Code. However, no FIR has been lodged by EOW yet,” sources said.
On Thursday, the National Company Law Tribunal (NCLT) appointed an interim resolution professional (IRP) to resolve the financial liabilities of Granite Gate Company in response to a plea by buyers of Lotus Panache and Lotus Boulevard, another housing project in Noida’s Sector 100.
The IRP has a maximum 270 days for the resolution, following which the two projects could be pushed into liquidation.