Federation of Spire Edge Customers Associations (FOSECA) has alleged that promoters of AN Buildwell are trying to block the revival scheme filed by the customers of Spire Edge. Spire Edge customers had handed over the revival scheme to Hon’ble CM,Manohar Lal Khattar at Grievance Committee Meeting on 16.06.2016. They have alleged that promoters of AN Buildwell had siphoned off funds to the tune of 42.05 crores (excluding interest). FOSECA has requested Hon’ble CM to initiate criminal action against promoters/shareholders and sought support for completion of Spire Edge project. The total scam is to the tune of Rs 800 Crore which was collected from the investors.

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The Delhi High Court vide its order dated 08.03.2016, ordered winding up of the company. The liquidation has been deliberately obtained by the company to escape its liability to fulfil obligation towards customers and also to cover up its acts of mismanagement. If the liquidation happens, it will adversely affect the interest of approximately 1800 customers and other creditors of the company.

Funds have been siphoned off from AN Buildwell by its promoters, Surinder Kumar Hooda (18.81 crores), Sunil Gandhi (18.6 crores) and a shareholder, Sphere Invest Group 4.63 crores), in various projects like Green Edge Infrastructure Pvt Ltd, Inspire Infratech Pvt Ltd, Nalanda Realtech Pvt Ltd and Charmwood Realtech Pvt Ltd, etc.

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There are a huge number of NRI’s who have invested in the project and are hassled by the procedures. Virender Jain an aggrieved customer and NRI said that, “I will now think several times before finally returning to India and make any investment in this country.”

When contacted Mahinder Singh, Lawyer of Surinder Kumar Hooda said that, “We are at an advance stage of discussion with investors to infuse funds and revive the company and complete both the projects Spire Wood and Spire Edge, so all the grievances of buyers are taken care of.” He added that, “the prime focus of the Company is to stop liquidation and revive the company to ensure completion of Projects.

AN Buildwell, which has its registered office at 504, 5^th floor, Bhikaji Cama Bhawan, 11, Bhikaji Cama Place, New Delhi, promoted two projects namely, an IT Park names “Spire Edge” at CP-04, Sector-08, IMT Manesar and a residential project “Spire Woods” at Sector-103, Gurgaon. As of now there are 517 customers in Spire Woods and 1274 customers in Spire Edge.

FOSECA has requested the Hon’ble CM of Haryana to help the hapless customers of Spire Edge projects and provide government support to the revival scheme by getting the same approved from the High Court and waiving off penalties owing to delay in government dues in case of HSIIDC dues, EDC/IDC, and license fee, etc.

This revival initiative is first of its kind and will help the customers take control of their projects and at the same time, will pave way for thousands of harried customers who have been taken for a ride by the greedy and unscrupulous people masquerading as bona fide developers.