The investors in Appu Ghar, a recreation and amusement park planned in Sector-29 have moved the national company law tribunal (NCLT) against international recreation and amusement limited (IRAL), the promoters of the project, seeking completion of the park and payment of the interest on the money they had invested.
The IRAL had promised tot deliver the project, launched in 2011-12 by 2015 and agreed to pay interest on the money invested till the time of possession. The investors have alleged that neither the project has been completed, nor they have got any interest on the money.
The principal bench of the NCLT heard the arguments of both the parties and reserved the decision.
The investor had booked commercial space in the Appu Ghar project which was expected to be included a mall, food court and oyster park.
The NCLT was constituted by the Union government in June 2016 under the Companies Act 2013, to settle the corporate dispute.
Investors lawyer Pankaj Jain, said, “IRAL is adjudicated under the Insolvency and Bankruptcy Code, 2016 for defaulting on investors’ money. This is why they have moved NCLT for justice. NCLT can ask IRAL to pay the defaulted amount within a stipulated time it can assign new promoters through legal process to manage amusement park in next six months. A resolution professional appointed by the tribunal will supervise the entire process. Under the new law allottee of real estate projects are considered as financial creditors”
He said that NCLT would supervise the entire Process.
The disgruntled investors have held several protests against IRAL in the past six months.
IRAL has no explanation where they have invested our money and why they failed to pay us the interest. They couldn’t explain why the did not start construction of the mall. said Amit Chanana, presidents of Shop Owners welfare association (SOWA) amusement park.
Rakesh Babbar, one of the directors IRAL, said, “Our intention is fair and we to deliver the project. Matter is in NCLT and we are also waiting for decision.”
The IRAL runs an amusement park by the same name in the TGIP Mall or Noida Sector 38 A.
Hindustan Times and Own , July 21, 2018