The 75-year-old promoter and director of AN Buildwell has been arrested by the economic offence wing (EoW) of Delhi Police on charges of cheating and criminal breach of trust after homebuyers who booked flats in the realtor’s Spire Woods project in Gurgaon filed a complaint against him.
More than 1,700 buyers have invested in two projects of AN Buildwell — Spire Edge In Manesar, and Spire Woods in Sector 103
FOSECA + SWBA filed a police complaint, based on which an FIR under section 420 (cheating), 409 (criminal breach of trust) and 120B (criminal conspiracy) was filed at Sarita Vihar police station in Delhi in March 2016. The registered office of the company is in Delhi, through its projects are in Gurgaon. In June 2016, the case was transferred to the economic offence wing of Delhi Police.
* Times of India, Financial Times and many leading newspapers!
Fighting for Redemption! We won’t give up on our RIGHTS!
1274 SpireEdge Customers | 517 SpireWoods Customers | Rs. 800 Crores plus at Stake | Revival of AN Buildwell is the only Redemption!
We are Federation of SpireEdge Customers Association; an association of various associations formed by the unit buyers of various blocks. The main objective to form this association is to 1. Stop the liquidation, 2. Revival of AN Buildwell. 3. Bring back our hard eared money siphoned off by the promoters 4. Promoters need to meet commitments and keep promises – Pay back what was committed.
BLOCK B,C & D Association
Leasing of our space
Post possession commitment charges
Compensation of loss in the past
Revival of AN Buildwell | The Only Way To Redemption
The promoters and shareholders had simply dusted off their hands from their responsibilities to complete the construction and hand over our rightful properties to us. Moreover, the promoters of ANB are finding new ways to escape their liability to fulfill obligation towards customers, but also would help to cover up their acts of mismanagement. To stop this liquidation and to revive ANB we formed Federation of Spire Edge Customers Association (FOSECA). FOSECA along with SWBA , representing the customers from all interest groups across Spire Edge and Spire Woods, filed the Revival Scheme in Delhi High Court under Section 391 on June 6th, 2016 for AN Buildwell and its two projects of SpireEdge and SpireWoods. And so, as we have united now we must continue on this journey together, to support and help each other as we fight our way towards redemption and thus bringing our homes and properties to us.
AMENDED REVIVAL SCHEME
A Revival Scheme for AN Buildwell and its two Projects, Spire Edge and Spire Woods, was filed in Delhi High Court under Section 391 on 01.06.2016, and duly posted online with a summary and FAQ’s on 02.06.2016. Despatches were sent to all 1791 customers on 08.06.2016 and then again on 22.06.2016. The Amended Revival Scheme incorporates input and suggestions received from all.
Hon’ble court has also allowed both Customer Associations and Promoters to file the revised scheme incorporating the changes they want to include.
Hon’ble Court after seeing the Financials in the Road Map presented by Associations asked the Advocate of Promoters – Mr. Vivek Kohli to come out clean and present the correct picture before the court.
This clearly shows the intent of promoters – deliberate liquidation and cheating with Innocent customers. At one hand they are showing the concern towards customers (just to fool them) and filing revival scheme and other hand not attending hearing for renewal of the license.
“Prime Minister Modi urges NRIs to invest in India, but with a situation like this, where investment is not safe, no one will invest in India. I will now think several times before making any investment here.”
- Pradeep Sharma
“The company was forced into liquidation in an attempt to cover up siphoning and diversion of funds. If liquidation happens then it will adversely affect the interest of buyers.”
FOSECA is an association of various associations formed by the unit buyers of various blocks. The main objective to form this association is to 1. Stop the liquidation, 2 Bring back our hard eared money siphoned off by the promoters & 3. Revival of ANBuildwell.
FAQ – The Revival Scheme
Never give up on someone. Sometimes the answers you are looking for are the same answers another person is looking for. Two people searching together are always better than one person alone.
– Shannon L. Alder
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
– 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
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
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?
A, B, C, D, E & F of SpireEdge at CP4, Manesar, Gurgaon
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Meetings and Events
Be part of the meetings and events organised by FOSECA and SWBA. Just fill in the following details and we shall share the invite for the next meeting & event. We’re Fighting for Redemption! We won’t give up on our RIGHTS! Together Further we win!
FOSECA + SWBA Members Meet
Location: India Habitat Centre, New Delhi
Date: 20 December, 2016
Time: 3pm – 6 pm IST