The homebuyers of LOTUS Panache filed FIR with the Economic Offence Wing of Delhi Police against the developer 3C Company and alleged the firm for financial fraud and cheating.
This complaint is lodged a day later NCLT [National Company Tribunal Law] directed insolvency proceedings against the firm 3C.
Amit Chauhan, the member of LPWA [Lotus Panache Welfare Association] informed that they have filed the First Information Report against the promoters of 3C Company who are Nirmal Singh, Vidur Bhardwaj, Supreet Singh Suri and their associates.
He also said that we have taken this action as we strongly believe that the funds of Panache project are transferred promptly to manage promoters other businesses.
The LOTUS Panache and other projects of LOTUS were supposed to be built by Granite Gate which is a sister company of 3Cs.
Located in Sector 110, LOTUS Panache is planned to have 30 towers comprising of 4,000 apartments that had to be sold between 2009 and 2010. The delivery of these units was planned to be completed by 2012, but even after six years, the developer gave possession of only 900 flats.
The EoW wing of Delhi Police arrested all three accused last year also on the behalf of the complaint lodged by the homebuyers of LOTUS 300 which is another residential project of the company in NOIDA. At present, all three developers are out on the jail in the same case.
According to the sources, 850-strong buyers’ association lodged complaints against these three accused under sections 409 [criminal breach of trust], 420 [cheating], 34 [common intention] and 120B [criminal conspiracy] of Indian Penal Code.
Earlier last week, the National Company Law Tribunal [NCLT] named an interim resolution professional (IRP) to solve the financial issues of Granite Gate Company. This decision was taken by NCLT after the homebuyers of LOTUS Panache and LOTUS Boulevard plea.