Lotus home buyers: No transparency, remove insolvency professionals
Though the NCLT will take a final call on the matter on November 25, the removal of the interim resolution professional (IRP) and the authorised representative (AR) could further delay the completion of the two unfinished ‘Lotus’ brand projects.
Though the NCLT will take a final call on the matter on November 25, the removal of the interim resolution professional (IRP) and the authorised representative (AR) could further delay the completion of the two unfinished ‘Lotus’ brand projects — Panache and Boulevard — in Noida.
This is because the new appointments would mean that the entire insolvency proceedings have to be initiated from scratch. Already five developers based out of Delhi, Noida and Gurgaon have submitted their resolution plans and the IRP was to announce the best bidder’s name on November 13.
But homebuyers said they were upset with the way IRP Prabhjit Singh Soni and AR Sunil Kumar Agarwal have been trying to revive the two projects, claiming they were still not handed over the details of the forensic audit of Granite Gate as well as information memorandum by the duo.
In fact, the buyers had first moved the NCLT on September 30 against Soni and Agarwal but their plea was rejected. Subsequently, on October 31, the buyers appealed against the NCLT order before the National Company Law Appellate Tribunal. And on November 11, the appellate tribunal ruled in the favour of homebuyers.
“Buyers have been given time till November 25 by National Company Law Appellate Tribunal (NCLAT). They would have to convene a meeting before the date and let the NCLT know about it. The NCLT will decide the fate of IRP and AR,” lawyer for Lotus Panache Welfare Association, Sahil Sethi said.
Soni did not respond to phone calls or text messages from TOI. But Agarwal said, “We would continue to follow NCLT’s instructions. So far we have not received any order copy from NCLT directing us to exit the resolution process midway.”
However, Sethi insisted that due procedure would be followed and by November-end, both Agarwal and Soni would cease to be part of Granite Gate resolution process. “The appellate tribunal has left it up to homebuyers to convey their collective decision to NCLT. It is just a matter of a few days,” he added.