SUNIL GANDHI Vs. A.N.BUILDWELL PRIVATE LIMITED

JUDGEMENT

(1.) This petition is filed under sections 391-393 of the Companies Act, 1956 praying that the proposed scheme of compromise and arrangement which is attached as Annexure 1 to the petition be sanctioned by this court so as to be binding on the Members, creditors(secured and unsecured), stakeholders and allottees of the respondent company.

(2.) The case of the petitioner is that the respondent company was allotted an IT/Technology Park Project called Spire Edge Project in Manesar, District Gurugram. The project comprises blocks A to F. It is the case of the respondent company that blocks B, C and D of the respondent company have been handed over to the respective allottees as occupation certificate of these blocks were received. Lease deeds have also been registered for some of the allottees. As far as block A is concerned, it is stated that the Scheme envisages shifting of the allottees to blocks B, C and D by allotting them areas which are unsold subject to the allottees making payments. Another project of the company is Spire Woods Project which is a residential scheme located in sector 103, Gurugram, Haryana. This project has 12 towers containing 620 dwelling units.

(3.) A perusal of the Scheme filed by the petitioner shows that it seeks three-fold objects, namely, revival of the company, construction of the Spire Edge Project and Construction of the Spire Woods Project.