SC dismissed the bail petition of ex promoters and directors of real-estate company M/S A N Buidwell and asked them to surrender

 

On 4th October, 2023 a bench of two judges having the corem as Honorable Mr Justice Anirudh Bose and Honorable Ms Justice Bela N Trivedi dismissed the petition filed by ex-promoters and directors of real estate company M/S A N Buidwell,  Major S K Hooda and Mr Sunil Gandhi. The said company has two projects viz Spirewoods , a residential project in sector 103 Gurgaon and Spireedge, a commercial project in Manesar.

Many FIRs have been filed by the buyers of both the projects in EOW, Delhi, EOW Gurgaon and other places. The substance of complaints against them is failure of the company of which they were promoters to deliver possession of residential and commercial flats to a large number of home buyers in spite of realising large sums of money. The investors had approached the police with allegations of making misrepresentation to them over statutory clearances and land availability as also siphoning of funds from the company.

Honorable judges mentioned that in the circumstances when a scheme has been sanctioned by the company Court, inter-alia, for revival of the projects and the same is being undertaken under the chairmanship of a retired High Court judge, they do not find any reason to continue the protection of the petitioners. 

Major Hooda was on regular bail while Mr Sunil Gandhi was on interim bail. Both Hooda and Gandhi are given 8 weeks time to surrender before the trial court. Honorable Judges have also given them liberty to apply for bail afresh as they have urged that there are changed circumstances warranting to such prayers.

The home buyers of the project Spirewoods have mixed reaction to the order. While they are praising and are thankful to the supreme Court of India for dismissing their bail application, home buyers are also disappointed for giving 8 weeks to surrender. One buyer of the project said that there are no changed circumstances for which they should be given time. Another buyer said that they have ruined the lives of many home buyers by doing fraud in past and are continuing the same.