NIRMAL SINGH Vs. STATE OF U. P.

JUDGEMENT

(1.) Heard Sri Shashi Nandan, learned Senior Advocate and Sri Anupam Lal Das, learned Senior Advocate assisted by Sri Prateek Sinha, learned counsel for the petitioner in (Writ-C No.41110 of 2019, Sri Anurag Khanna, learned Senior Advocate assisted by Sri Raghav Dev Garg, learned counsel for the petitioner in (Writ-C No.4532 of 2020), Sri Vinayak Mithal, learned counsel for the petitioner in (Writ-C No.40693 of 2019 ), Sri Rahul Agarwal, learned counsel for the petitioners in (Writ-C No.20251 of 2021), Sri Kartikeya Saran, learned counsel for Home Buyers, Sri Amit Saxena, learned Senior Advocate assisted by Sri Shivam Yadav and Sri Kaushlendra Nath Singh, learned counsel for Noida Authority, Sri Ambrish Shukla, Ms. Uttara Bahuguna, learned Additional Chief Standing Counsels for the State respondents.

(2.) Since all the four petitions are arising out of the same issue relating to the same project therefore, all of them are clubbed and heard together.

(3.) This is a classic case of conning, as to how the promoters without investing any amount gets huge tracts of prime land allotted, launches a project and collects Rs.636.00 crores from the home buyers, out of which they again syphon off almost Rs.190.00 crores (then sell off a portion of land to a 3rd company, pocket and then syphon the entire sale proceeds (Rs.236.00 crores), and pay a pittance to Noida Authority, towards the cost of land/premium for land and lease rent, which they were supposed to pay, and defrauded the home buyers, Noida Authority, Banks and other creditors. Not only this but they have also defrauded hundreds of other home buyers in various other projects similarly launched by them with different names. As a part of that conning scheme, after launching a project, they collected money, diverted it to different other companies and then resigned from directorship of the company, and push the company into insolvency and get over with all civil or criminal liabilities. Surprisingly, even after conning everyone they have been going scot free, neither the State nor the authorities are in a position to recover the said amount.