Complaints India

Brief Facts of the case.1. M/s Shrerya Developwell P. Ltd. has started the booking of the flats it proposes to construct & develop at Noor Nagar Ghaziabad popularly known as Raj Nagar Extension. The project is named as Hindon Heights.2. The following are the Directors of the Company:i) Mr. Rajiv Gupta.ii) Mr. Manoj Sharma.iii) Mr. Anuj Sarin.3. The company has collected almost 95% of the cost of the flats from the persons who opted for down payment & 76% from others.4. The company has booked around 445 flats. 5. The company has also booked around 500 plots from various persons and collected app 6.5 lac per plot of 120 sq. mtr.6. Thus the company has collected app. 250-300 crores of Rupees from the public.7. The members of the Association has arranged bank loan for making payment to the builder.8. Instead of constructing the flats which were to complete/possession by December, 2008 as per agreement, the Builder has utilized the funds for the purpose according to its Balance Sheets has transferred a sizeable amount to its Associate companies for purchase of more land.9. In spite of repeated false assurance and waiting several years, the builder could not even start the construction of 3BHK Flats.10. The company has also mortgaged the land of the project to PNB Housing Finance Ltd for a term loan of Rs. 16 crore for the purchase of more land.11. As per the Balance sheets of its Associate Companies these companies have no land in their possession obviously the purpose of transfer of funds was to make assets for the Directors of the company.12. From the charge documents filed by Saurabh Furnishings P. Ltd one of the Associate of the company the company has mortgaged its land for Rs. 33.00 crores as detailed below as guarantee for the loan advanced to the allottees of flats conceived, developed and constructed by Shreya Developwell P. Ltd at its site at Noor Nagar, Ghaziabad, popularly known as Raj Nagar Extension, Ghaziabad.Sl. No. Name of the F.I. Amount Date of Mortgage Charge Id. No.01. GIC Housing Finance Ltd. 07.00 crore 22.11.2007. 1008628702. GIC Housing Finance Ltd. 10.00 crore* 11.02.2008. 1008628603. PNB Housing Finance ltd. 16.00 crore 25.03.2008. 10095741* the original charge was for Rs. 7.00 crore which was raised to Rs. 10.crore vide modification of charge dt. 13.06.2008.. 5. The point to consider is that when the company has no land in its possession then how it has mortgaged the land to the above FIs.6. To our surprise we observe that the company has mortgaged the same land to both of the FI’s by deposit of title deeds & how both the FI’s can have 1st Charge on the same land.7. The Association (Allottees) has filed an FIR U/s 420,406 & 506 against the builder Company, its Directors & Associates. The builder approached the Allahabad High Court for quashing of FIR & an interim stay against the arrest of the Directors of the company.8. The said court stayed the arrest of the Directors of the company on the basis of a fake / fabricated document purported to be an agreement with Mr. R.K. Jain the Secretary of the Association saying that the flat is to be allotted to him within 30 months from the date of the agreement. The Association has filed its replies along with an application u/s 340 for action against the Director of the company for filing a false affidavit & the document.9. The Advocate of the builder did not appear & the writ was dismissed by the court.10. Based on the documents provided by the Association the Police has filed the charge sheet in the Ghaziabad Court without any investigation worth the name sake against the Directors of the company only.11. The Ghaziabad Court has issued NBW against the Directors of the Company on 30/03/2011. He approached the Allahabad High Court again the Court ask him for Mediation but none of the Directors of the company appeared for mediation instead Mr. Rajiv Gupta went abroad instead of appearing for Mediation.12. We (Allottees/customers) have apprised the High Court by filing a Recall Application which could not be taken up by the Court till date.13. The Association has filed cases on behalf of it’s around 7 members. The 1st case was filed in December, 2009 & is still at preliminary stage. 14. Cases for adopting Unfair Trade Practices were also filed with the National Consumers Disputes Redressal Commission against the followings banks/FIs:i) GIC Housing Finance Ltd.ii) ING Vyasya Bank Ltd.iii) IDBI Bank Ltd.15. As per the website of the Builder Company all the above Banks/FIs are still granting loans to the above project of the builder.16. As per the provisions of the Consumers Protections Act, the NCDRC is expected to decide the case within a period of 3 months time but the commission is indifferent in its duty towards the Consumers.17. We as customer are struggling in search of justice or to get our own hard earned money, however the builder which has stolen Rs 300 Crores is enjoying with our money.

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