UDAY UMESH LALIT - (1.) This Order shall dispose of following three sets of applications: - A) I.A. No.168186 of 2018 (Z-68*), I.A. No.109882 of 2020 (Z-309* and R-103*) and I.A. No.114865 of 2020 (Z-318*) filed by the Association 1 and by some applicants who have booked apartments in the project developed by the Company 2. B) I.A. No.153341 of 2019 (Z-233*), I.A. No.120307 of 2020 (I-155*) and I.A.No.123299 of 2020 (I-158*) filed by the Company; and C) I.A.No.6397 of 2021 (Z-342*) filed by Religare Finvest Limited, the creditor of the Company. * Court Volume Number 1 Amrapali La Residentia Flat Buyers Association 2 La-Residentia Developers Private Limited
(2.) By lease deed dated 03.02.2011 executed between Greater Noida Industrial Development Authority ('GNIDA', for short) and the Company, plot bearing No.GH-06A SECTOR'TECH ZONE-IV, Greater Noida was permitted to be developed by the Company on certain conditions. It was specifically stated that the Company was a special purpose company incorporated by the consortium of following six entities against whose names the respective shareholding was mentioned. The relevant clauses of the lease deed were:- "*The registered consortium consists of following: - S.No. Name of member Shareholding Status 1. M/s. Vidhyashsree Buildcon Pvt. Ltd. 26% Lead Member 2. M/s. Nishant Creations Pvt. Ltd. 19% Relevant Member 3. M/s. Anjali Buildcon Private Limited 20% Relevant Member 4. M/s. Agarwal Associates (Promoters) Ltd. 5% Relevant Member 5. M/s. Elegant Infracon Private Limited 19% Relevant Member 6. M/s. Stunning Constructions Private Limited 11% ' Whereas the above-registered consortium who jointly qualify for the bid and secured the allotment of said plot being highest bidder. They through its lead member M/s. Vidhyashree Buildcon Pvt. Ltd. have approached the lessor in accordance with clause C-8 of the brochure/bid document of the scheme to sub-divide the said plot of land with the following status of holding lease rights:- Sl. No. Plot No. Sector Divided area (in Sq.M.) Name of member Status 1. GH-06A Techzone- IV 80026.62 M/s. La Residentia Developers Pvt. Ltd. (SPC) (SPC of M/s. Vidhyashree Buildcon Pvt. Ltd., M/s. Nishant Creations Pvt. Ltd., M/s. Anjali Buildcon Private Limited, M/s. Agarwal Associates (Promoters) Ltd. and M/s. Stunning Constructions Private Limited Special Purpose Company 2. GH-06B Techzone- IV 17700 M/s. Elegant Infracon Private Limited Relevant Member * * * And it has been represented to the lessor that the CONSORTIUM members have agreed amongst themselves that M/s. Vidhyashree Buildcon Pvt. Ltd. having its registered office at H.No.195, 2nd Floor, Back Side, Ram Vihar, Delhi-110092 shall remain lead member of the consortium and lessee shall solely develop the project on the demarcated Builders Residential/Group Housing Plot No.GH-06A, Sector Techzone-IV, Greater Noida measuring an area 80026.62 sqm."
(3.) The project to be developed by the Company was widely advertised through brochures and advertisements as 'Amrapali La Residentia' project, promising delivery of apartments within 36 months. The relevant portion of the brochure was:- "Amrapali has transformed the entire concept of living with its various value added residential projects. Once more living up to its reputation it is presenting a unique residential condominium which is identified as Terrace Homes for its novel concept. Terrace Homes are 2, 3 and 4 Bedroom Apartments with individual terraces assigned to them. Three side open terrace that is virtually ocean of fresh air is a star feature of every apartment of this modern and architecturally improved apartment housing. The terraces are just imitative of the lush green lawns in private villas and serves as the lungs of the apartments. This heart of the apartment can be used for multipurpose household occasions. Where dedication is redefined Real Estate and construction have been redefined by Amrapali Group to such a grand extent that it has become a brand name. Amrapali Group has successfully proved its forte in varied Real Estate verticals from Residential Housing solutions to Commercial edifices to IT parks and educational institutions. In the last couple of years Amrapali Group has contributed in the phenomenal growth of real estate and infrastructure industry with many turnkey solutions. The Group strives for quality and ensures the best of technology, planning, design and construction for all of its projects. This has resulted in star projects like Amrapali Green, Amrapali Royal, Amrapali Village, Amrapali Awadh, Amrapali Vaishali and Amrapali Exotica Apartments." ;