3C director arrested over pending dues of Rs 100 crore dues

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3C director arrested over pending dues of Rs 100 crore dues

This is the second arrest in a month in 3C group.

3C director arrested over pending dues of Rs 100 crore dues

Gautam Budh Nagar: The district administration of Gautam Budh Nagar claimed to have arrested one of 3C real estate group director, Vidhur Bhardwaj, for the alleged failure of the group to clear pending dues worth around Rs 100 crore.

Officials of the administration said that Bhardwaj had been particularly held over a recovery certificate (RC) of Rs 34 crore issues against him. This is the second arrest in a month in 3C group. The administration had arrested another group director, Surpreet Suri, on the same charges on November 5. 

After Suri and Bhardwaj, the administration is now looking for 3C's third director, Nirmal Singh, who is also absconding.

"Vidhur Bharadwaj, director of 3C Builder, was arrested by Tehsil Dadri officials as the company is a defaulter of RERA and local authorities," District Magistrate BN Singh told the press.

Headed by three group directors – Nirmal Singh, Supreet Singh and Vidhur Bhardwaj – the 3C group had introduced residential housing projects in Noida with Lotus brand name between 2010 and 2012, is going under insolvency proceedings. Lotus projects were dragged to the National Company Law Tribunal (NCLT) for insolvency proceedings earlier this year.

Following this, the tribunal had appointed Interim Resolution Professional (IRP) for initiating resolution process under the Insolvency and Bankruptcy Code (IBC) 2016. However, the resolution process had to stop in mid way as the flat buyers of two of its incomplete projects – Lotus Panche and Lotus Boulevard had pleaded to remove tribunal-appointed IRP- Prabhjit Singh Soni and authorised representative (AR) Sunil Kumar Agarwal, alleging them of not maintaining transparency in the process.

As City Spidey had on November 20 reported that homebuyers had voted against both IRP and AR and following witch both have been removed from their respective posts.

To initiate further insolvency proceedings in the matter, the NCLT has appointed Chandra Prakash as IRP and Rakesh Verma as an authorised representative. Sources aware of the development told City Spidey that the Committee of Creditors (CoC) headed by RIP is likely to hold first meeting today.

Expressing homebuyers' agony, Pramod Kumar, a member of Lotus Pinache homebuyers association said, "The administration finally acted against these defaulters, though this action is for recovering authorities dues. Homebuyers still suffering and moving pillar the post go get our flats."