Jayant Nath, J. - (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.
Regarding the Spire Edge Project, the propounders expressed their willingness to complete the construction of towers "E" and "F" and furnished offices. Certain terms are introduced, namely, that the allottees shall not claim any penalty, damage, compensation, etc. from the Company. It is claimed that an amount of Rs. 25 crores is required for completion of construction of Block "E" and "F" and the furnished offices of Spire Edge Project. The same will be organized out of funds which will be infused by the propounders and out of sales as well as loans to be raised. The allottees of tower "A" of Spire Edge Project shall be shifted to other towers of Spire Edge project. Immediately upon sanction of the scheme by the Court, the propounders shall make arrangements of funds over a period of 90 days and shall cause to be contributed Rs. 25 crores to be used for revival of the Company and its project. It is stated that proof of Rs. 12 crores has already been given to the OL.

Similarly, the Spire Woods Project would also be revived by SW New Developers who is said to be a renowned real estate developer. The said SW New Developer has agreed to invest a sum of Rs. 20 crores through any of its companies.