Noida: Flatbuyers of Lotus Panache and Lotus Boulevard, two incomplete projects of 3C group builders, are reeling under insolvency proceedings where there was voting against appointed Interim Resolution Professional (IRP) and homebuyers’ representative.
Two homebuyers of the group aware with the development told that National Company Law Tribunal (NCLT) has removed Prabhjit Singh Soni (IRP) and authorised representative (AR), Sunil Kumar Agarwal form their posts. They were carrying out the corporate insolvency resolution process of the incomplete 3C brand projects.
The development came following homebuyers' plea against IRP and AR requesting to remove them, alleging them of not maintaining transparency and failure in providing required information to bidders and other stakeholders, including homebuyers.
The tribunal had directed to resolve the issue through e-voting to choose an IRP. As homebuyers told, e-voting was initiated on November 15 with a deadline of 8 pm on November 18, which however later, extended till November 20.
Out of 3,400 eligible voters, about 2,000 have submitted their votes on the application through which the process was being conducted. “Prabhjit Singh Soni (IRP) and Sunil Kumar Agarwal (AR) have been removed from their posts,” said Amit Chauhan, a homebuyer and member of Lotus Panache Welfare Association (LPWA).
Chauhan, lead petitioner, alleged that Soni had resorted to unfair practices to continue as IRP. However, denying the allegations, Soni said the charges against him are motivated.
“IRP and AR could not perform what they were asked and there were many differences in their action plans. Bidders were not provided adequate information regarding the projects details which is delaying the resolution process. We are hopeful that a new IRP will be appointed for further process to resolve the matter,” said Pramod Kumar, another member of LPWA.