1. Why this Revival Scheme?

– Company is under liquidation and the way to avoid liquidation is to revive the Company including the Projects as well.

2. Why scheme has been proposed ?

– The revival scheme can be proposed by any creditor including the customer. Office bearers of the association(s) has met with Provisional Liquidator, lawyers and other stakeholders in the projects and based upon their interaction and with consensus of stakeholders, they proposed the scheme for benefit of all the customers.
‐ Even though the scheme has been proposed by SWBA, it takes into account the interest of all the customers and creditors.

3. What is the court procedure for approval and implementation of the Revival
Scheme?

– Court will call for the meeting of all Customers & Creditors in presence of
court appointed chairman.
‐ Customers and creditors approve the Scheme.
‐ Court appoints Court Commissioner to oversee the implementation of the
Scheme.

4. On approval how one can be assured that the scheme will be operated in fair and transparent manner?

‐ To ensure fairness and transparency in implementation of the scheme, court
commissioner will be appointed to oversee its implementation by respective
associations and federation.

5. Why SWBA has proposed the scheme for revival of Spire Edge as well?

– Court will consider any scheme for revival if and only if such scheme addresses
concerns of all customers and creditors.
– SWBA discussed the proposal for revival of Spire Edge with its customers and
their associations and accordingly SWBA prepared a scheme for revival
comprising of both Spire Woods as well as Spire Edge.

6. Once the Scheme is approved, how the projects will be executed?

– Respective associations and federation will appoint Project Management
Company, contractors, consultants, sales and marketing companies and other
experts to manage and execute various functions of the project.
– The execution of the projects will be regularly monitored by the court
appointed commissioner.

7. Are the existing buyers expected to pay any additional amount?

– It is envisaged that the amount recoverable from the existing customers
including their past dues along with other sources of fund as illustrated earlier
will be sufficient to meet the requirement of fund by respective projects.
– To enable commencement and continuance of construction of projects, the
existing customers are expected to pay their past dues within 30 days of
approval of scheme and expected to pay future dues in timely manner.

8. What is the expected time for completion of the Projects?

– Once the project will be approved, the construction will commence as soon as
necessary resources are deployed.
– Since implementation of revival scheme will happen in the supervision of court
commissioner, one can expect expeditious execution of the project.

9. What are the highlights of the revised / amended revival scheme?

– Inclusion of all associations: FOSECA, SEAA, SWBA, SEBBA.
– Claims of all associations included to protect interest of all stake holders.
– Increased accountability and defined roles.
– Independent valuation of unsold stock
– Introduction of development consortium

10.Where I can find the entire Scheme filed in the Court?

– The entire scheme has been uploaded and is available here. The revised scheme is available here.

11.Whom one can contact in case of a query/concern about the Scheme?

– The association is expected to hire adequate resources to respond to customer’s
queries and will set up an office soon.
– However till such resources are hired, one can send your query/concern here

12.How can we get update about the Scheme and Projects?

– Updates about the progress of the Scheme would be posted on our website –
http://www.foseca.org/
– Please register your email id and customer details.

Still have questions? Please feel free to email us at foseca@mail.com

Download the copy of the Revival Plan