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Third Version of Revised Proposal

Post 2 of 25

 

Third Version of Revised Proposal

 

EIL proposes construction plan with timeline specifying date of starting construction, possession date and also proposes which tower/block would come under which phase. The plan cited below would be binding on EIL.

 

Sr. No. Project Name Block/Tower Starting Date of Construction Offer Date of Possession
1 Earth Techone Phase 1 Studio & Alpha Apr-18 Apr-20
2 Earth Techone Phase 2 Studio, Gama, Beta Oct-18 Oct-20
3 Earth Techone Phase 3 Express One Apr-19 Apr-21
4 Earth Techone Phase 4 Commercial Oct-19 Dec-21
5 Earth Titatnium/Galleria Phase 1 Studio & I.T Oct-18 Jun-21
6 Earth Titanium/Galleria Phase 2 Apr-19 Dec-21
7 Earth Titanium/ Galleria Phase 3 IT & Galleria Oct-19 Jun-22
8 Earth Titanium/Galleria Phase 4 Apr-20 Dec-22
9 Earth Towne Phase 1 1,2,3 & 25,26,27 Aug-17 Aug-18
10 Earth Towne Phase 2 4,5,6,7,8,9 Apr-18 Dec-20
11 Earth Towne Phase 3 10,11,12,13,14,15 Dec-18 Jun-21
12 Earth Towne Phase 4 15A,16,17,18,19,20 Jun-19 Dec-21
13 Earth Towne Phase 5 21,22,23,24,28,29,30 Dec-19 Jun-22
14 Earth Sapphire Court Phase 1 B & C Sep-17 Sep-18
15 Earth Sapphire Court Phase 2 A Apr-18 Dec-20
16 Earth Iconic Gurgaon Phase 1 Shop & Office Dec-17 Dec-18
17 Earth Iconic Gurgaon Phase 2 Front Construction & Studio Dec-18 Jun-20
18 Copia Phase 1 A,B,C,J&K Oct-17 Oct-18
19 Copia Phase 2 D,E,F,G & H Jun-18 Dec-20

 

20.     Skygate, Gurugram

The company is in advance talks with the joint venture partner to take over the entire project.

Company has given a bank guarantee of Rs. 11 Crores for the project in HUDA.

Company would generate around 31-33 Crores from this deal.

21.   Earth Elacasa

Elacasa Buyer’s Association have offered to jointly work with the company to complete this project on certain terms and conditions which would be a win win situation for both the parties.

Two rounds of fruitful discussion have taken place and next round of meeting is scheduled for 14/15th July 2017. Company would decide on this accordingly. Date of construction shall be mutually decided.

22.   Earth Gracia

Company would restart the construction work of Earth Gracia by June 2018 and would deliever this project in the next 36 months in phased manner.

For the delayed period of offer of possession the company shall compensate as per terms & conditions of Builder Buyer Agreement (BBA). The compensation amount for the delayed period of offer of possession would be Rs. 6/-sq ft per month. The compensation would be adjusted from the due balance at the time of offer of possession.

 

(A) There would be a 4 member monitoring committee for each project i.e. two member from the respective buyers association of each project & two members from respective company.

 

(B) EIL and its Subsidiary Company shall open a joint/Escrow A/c for each project.

(B1) The 4 members monitoring committee would jointly operate the joint account/Escrow Account which would be opened after approval of the same in the Board Meeting of the respective company.

(C) The financial viability of all the projects is enclosed as Annexure P-1 (colly). The construction work of the projects shall start as per schedule given above.

Generation of Funds.

Atul Gupta & Vikas Gupta, Directors of EIL have provided their personal guarantee of Rs. 12.5 Crore each to the two contractors namely JB contractor & Beacon contractors. These personal guarantees are duly supported by tangible assets to the satisfaction of these contractors. On being satisfied by the guarantee of Rs. 12.5 crores each these contractors are signing an agreement with EIL to restart the construction work of Towne, Saphire and further TechOne.

For earth Iconic  company is in final stage of discussion with its contractors Sh. B.L Kashyap who shall restart the construction work of Iconic.

With the permission of the Ld. Trial court properties of Rajneesh Mittal, Director of EIL to the tune of Rs. 10 crore would be sold & this amount would be utilized in making part payment of the outstanding of the GNIDA in Towne project, clearing of statutory liabilities

 

Company has around 2.25 crores in various freezed bank accounts of the EIL & other subsidiary /related companies. The company has with it 10 fixed deposits of Rs. 10 lacs each totaling to Rupees one crore of Indian Bank.

 

The company has held various meetings with its joint venture partner in Skygate who has offered to take over the entire assets and liabilities of this project. In exiting from this project company would receive approximately around 32-33 crores from its partner.

 

 

 

FURTHER GENERATION OF FUNDS

 

Below mentioned properties are owned by Earth Infrastructures Ltd, the subsidiary companies and related companies of Earth Infrastructure Limited on which there is no encumbrance.

  1. Land measuring 8 Kanal & 31 Kanal 1 Marla situated in the village Darbari Pur, Tehsil Manesar, Distt. Gurgaon purchased in the name of M/s Lavender Infratech P. Ltd.
  2. Land measuring 0.1520 Hectare situated in the village Bhuhera, Barabanki, UP purchased in the name of M/s Bauwars Infrastructure P. Ltd.
  3. Land measuring 0.2720 Hectare, 0.1680 Hectare, 0.1820 Hectare, 0.2160 Hectare, 0.2390 Hectare, 0.2550 Hectare, 0.1800 Hectare situated in the village Gharsania, Barabanki, UP purchased in the name of M/s Bauwars Infrastructure P. Ltd.
  4. Land purchased in Khasra no. 159, 160, 161, 162, 163, 176 to 184, 191 to 193, 194, 195, 199, 214, 215, 216, 257, 258, situated at Vill. Hamajpur, Tehsil Behror, Distt. Alwar, Rajasthan in the name of Mrs. Seema Goel w/o accused Avdhesh Kumar Goel, Mrs. Reshu Gupta w/o accused Atul Gupta, Mrs. Renu Gupta w/o accused Vikas Gupta & Mrs. Mamta Mittal w/o accused Rajnish Mittal through 6 sale deeds registered in the year 2010.
  5. Land measuring 29 bigha 10 biswa, 17 bighas 15 biswa, 2.8645 acres, 3.3385 acres, 3.3385 acres, 1.03462 acres, 3.660 acres, 1.3462 acres and 1.788 acres land situated in the revenue estate of Village Mundhela Kalan, Tehsil Najafgarh, New Delhi in the name of M/s Murlidhar Infracon P. Ltd.
  6. Land measuring 1.9398 acres, 1.852 acres, 58.319 acres and 3 bigha 1 biswa purchased in the name of M/s Banke Bihari Farming P. Ltd.
  7. Company has a stake in a Joint Venture at Ludhiana where company has an investment of around 22 crores.
  8. It is submitted that apart from the above properties company has other immovable properties but these property are mortgaged/having lieu. By selling the immovable properties/assets of the subsidiary companies/related companies detailed above, with the permission of the Hon’ble Court of Ld CMM Delhi and other Hon’ble Courts who have passed restraint orders for selling these immovable assets, the company would further generate funds to the tune of around 150 crores.(Distress sale otherwise the value should not be less than 215-225 crores)
  9. It will take atleast 5-6 months to sell these properties.

 

  • Company further intends to raise funds by selling its equity shares, and/or in the alternative by raising funds through bank loans for these projects against the unsold inventories.

 

  • Earth Infrastructures Ltd. and its subsidiary companies are in advance stage of discussion with strategic investors who have shown interest in supporting the completion of the stalled projects. Financial modalities are being worked out and by September 2017 Company expects investment of around another 40-50 crores in Copia, Towne and Saphire Court.

Company has an unsold inventory of around  Rs 1350 Crores in all these projects details of which are available in Annexure P-1 (Colly). Company would generate funds by either taking loans against the unsold inventories or would pledge these unsold inventories with the contractors to get the construction work completely or would sell these unsold inventory in the open market to raise funds to complete the pending work in full swing.

 

Out of the funds generated from the above mentioned properties/unsold inventories 10 % of the amount which is generated shall be utilized in further clearing the pending statutory liabilities & clearance of the outstanding assured returns of the complainants and also clear the outstanding towards the Noida Authority & other government authorities.

  1. EIL had offered to pay assured return as specified in MOU upto 30thJune 2017 to all complainants whose AR’s were discontinued on September 2015 or later. Out of total amount due till 31st May 2017, 60% of total due amount till May 2017 of the AR mentioned in MOU/BBA is being paid to the complainants by equated 4 PDC’s dated 30thOct 2017, 31st Jan., 2018, 31 March 2018 and 30th May 2018 and credit notes will be issued for balance 40% of due amount of assured return till 31st May 2017. Complainants would have the choice to get these credit notes adjusted to the tune of 5% on every demand letter raised by EIL. It is clarified that those bonafide complainants, whose AR’s were inadvertently discontinued four to six months prior to September 2015, such complainant’s AR’s upto August 2015 would be separately paid as per MOU (cheque for this arrear amount would be handed over to buyers within 30 days of this proposal) to bring them at par with the other complainants and then they would be similarly paid likeother complainants as agreed in this proposal.

AR w.e.f from 1stJuly, 2017 till the date of possession mentioned above in table in para no.1 would be paid by PDC’s till the specified date of possession given in the table in para no. 1. AR PDC’s forJuly to December in year 2017 and January to August 2018would be given for half of the amount mentioned in MOU/BBA i.e 50% of AR by PDC’s and credit note for balance amount 50% of total assured return value. These credit note amount can be adjusted in future demand/final payment to the tune of 5% on every demand letter raised by EIL or if its exceeds the final payment, then in that case, EIL would adjust the amount in GST/registration charges/stamp duty to be paid by complainants.If the amount still exceeds, builder would pay back the buyer the due amount to him by Bank Draft on offer of possession.

It is further clarified that payment of AR’s would be made till the delivery/possession of the respective units.EIL is providing Cheques for 50% of Assured return amount, as specified in MOU/BBA, for the months of July17, at  the time of offer of this proposal. EIL would keep on paying AR amount every time through PDC’s.

 

Company (EIL) would restart the construction work of 1st Phase of Towne Project in July 2017 and would deliver the 1st Phase of Towne Project by June 2018. From September 2018, EIL would consider to pay AR @ 75% as specified in MOU and issue credit note for balance 25% of AR alongwith PDC’s. All buyers whose credit note amounts exceed the final payment/GSTwould be paid the balance amount due to him/her through Bank Draft at the time of raising final demand by builder/offer of possession.

Those complainants who are senior citizens, widow or single parent would be paid their due AR upto June 2017 @ 3/4th i.e 75% of their assured return as mentioned in MOU/BBA and ¼ i.e. 25% later through Credit notes as explained. Credit notes will be given alongwith PDC’s. Senior citizens, widows and single parents should inform about their status to receive their 75% and 25% of their AR as detailed above.

 

In case of non encashment of any cheque due to any reason, EIL shall immediately (within 15 days) arrange for payments, failing which the complainant shall have right to seek cancellation of bail. It is clarified that for all the projects (where AR was offered) AR would be paid till the date of offer of possession of respective unit.

 

Company had recently in July 2017 issued cheque for AR to the complainants along with the letter dated ….July 2017 which gave details of the broad proposals as on that date i.e prior to the present proposal.

In relation to the letter of proposals & the enclosed cheque  for AR it is clarified in clear terms to one and all that the company is thankful to all those complainants who encashed their cheques  and  committed to the proposal.

The proposal of the company is to regularize their AR’s/ committed amount in near future as committed in the proposal letter dated …July 2017 (The proposal of payment of AR in the present proposal is also almost same.)

Company also thanks  all those complainants who have not encashed their cheques and have given their full support to the company and gave their support/approval for the start of the construction of the pending projects and adjusting their AR’s at the time of possession of their units.

Company would utilize this unused/unpaid AR amount which was kept reserved in the bank account for the clearance of the AR cheques issued towards AR’s in construction work of the pending projects.

Those investors who have not encashed their cheques are requested/ advised to return these cheques to the company as soon as possible and the same would not be encashed post 20th July & payments of such cheques would be stopped.

 

  1. After 45 days of restarting of construction in Towne, Saphire Court, Copia, Iconic and Techone the complainants would deposit their respective dues, if any(on receipt of demand raised by EIL) in joint/Escrow account which would be jointly operated by 2 representatives of complainants and 2 representatives of EIL. 80% of the amount so received in the joint/Escrow account would be utilized in the construction work only & related govt./statutory expenses and 20% of the amount would be utilized by the company in meeting the payment of salary, day to day expenses, payments of utility bills etc.
  2. All proposals would be given on an Affidavit project wise and signed by all the directors. It shall be the responsibility of all the present directors jointly and severally to complete the project and honor all the commitments made herein this proposal.
  3. EIL would ensure that Proposal would be honored in full and would ensure that it is complied with in letter and spirit; Complainants and Hon’ble court would monitor the development and dissatisfied clients shall oppose extension of bail.

 

  1. EIL would adjust the amount taken from buyers as Service tax, in GST/Registration/Stamp duty charges. EIL would not demand any increase in BSP ( Basic Sale Price). Discrepancy existing in BBA/MOU regarding PLC/Parking and Club charges shall be rectified within a period of three months from the date of this proposal. In case of any new charges formulated by govt. or authority or any other agency, it shall be borne by the buyers.
  2. In the proposal, construction start and possession date will be honored as detailed in page no. 1. Company shall comply with the provisions of RERA in letter and spirit.
  3. Company would create grievance redressal desks, and assign each project to different teams of employees. And all help would be provided to buyers, for their respective statements, payment receipts, MOU and other related documents. Each complaint would be monitored and EIL endeavors to clear all complaints within 8/10 working days.
  4. EIL will try to inform the buyers in writing about any litigation in regard to projects cited above and also keep buyers informed about any decision taken or court order that may affecting the buyers interest. On all the legal issues in this regard the Company shall keep the complainants informed.
  5. EIL and its associate companies and their directors undertake to adhere to timeline given in para 1 above. In case of non-adherance of time line. Companies can seek maximum of 6 months more time to complete, otherwise the company will compensate.

 

It is clarified to one and all that the terms and conditions of BBA/MOU/Application remains unchanged and are binding to both the parties as usual. The present arrangement has no bearing on those terms & conditions.

  1. It is clarified that the success of the present proposal depends upon the investment to be made by the company and the balance amount which is to be received in the projects by the company as detailed in Annexure P-1(Colly) and also by observing the terms & conditions of the present proposal in letter & spirit.

The terms & conditions so agreed by the complainants and the company for grant of bail and extension of bail has to be followed by both the complainants & the directors in the letter & spirit. Violation of the terms & conditions by both the parties shall be dealt in accordance with law.

In relation to the approvals/site plans/agreements with GNIDA & other authorities pertaining to some of the projects the company would coordinate with the various authorities for revision of building plans, clearance from authorities.

  1. In relation to TITANIUM AND GALLERIA EIL would arrange for revision of building plans, if any, clearance from GNIDA and NOC from SEZ ministry, NSEZ Authority, Ansals IT City and Parks, the main developer of Techzone-6 and other relevant Government Agencies/Organisations, if any within 1 year of this proposal, otherwise this project would be deemed as closed.As per satisfaction of the complainant, he can also opt for transfer from their project to other project as per terms of those projects.

 

In case of closure of this project on the request/demand of at least 60% buyers or builder not getting requisite sanctions/approvals,NOC as specified in para above,it would be deemed as a closed project and all amount paid by buyers would be refunded within 24 months from date of closure.

 

 

  1. In relation to TECHONE EIL shall obtain all approvals/rectification/clearance of ExpressOneand any other Tower/Block which is part of TechOne and for which sanction/clearance has not been accorded by authority till date, if any, within a period of one year i.e by 30th July 2018, failing which the company would consider these tower/blocks/ExpressOne as closed. As per satisfaction of the complainant, he can also opt for transfer from their project to other project as per terms of those projects. EIL shall get the structural strength/load bearing strength of the structures of all blocks/towers immediately done and positively before 31st Dec.,17 to ascertain that it can bear the load (as it has been lying abandoned for last more than two and half years. Neo Multimedia Pvt. Ltd. and EIL undertakes not to sell Techzone 1 plot of land and would not put any part of it under lien to any body

 

 

  1. For EARTH TOWNE, EIL shall get current NOC from Greater Noida Authority and other related government departments/agencies and would compensate buyer in a manner as specified in the MOU/BBA i.e Rs. 6/- per sq. feet per month. Earth Towne Pvt. Ltd would ensure that this plot would not be cancelled for pending payment of Greater Noida Authority. EIL would seek approval for increased FAR if any within 6 months positively within 6 months of this proposal. EIL and complainants would jointly make endeavors to resolve all pending and related issues relating to this project with GNIDA.

 

  1. In relation to EARTH ICONIC PROJECT it is informed that Vide letter dated 4/01/17 Sh. Arun Kr Gupta, DG, Town & Country Planning has informed the company i.e. Celestal Estate Pvt. Ltd. that their licence No.101 of 2011 dated.29/11/11 has been cancelled under rule 18(3) o Rules 1976. On being asked Sh. Aparesh Banerjee, VP Projects informed that three weeks back i.e. on 06/06/17 company has filed an application before the concerned authority seeking time upto September 2017 to rectify the omissions.

 

The Company undertakes to take up the issue on SOS basis & take necessary steps seeking restoration of the licence and inform all the buyer accordingly and keep them updated of all the developments in this regard. The company undertakes to get timeline sanctioned from Country and Town Planner, Haryana within which the company would complete the said Project. The builder undertakes to address all objection raised by HUDA/Country and Town Planner or any authority and get all sanctions within 12 months of this proposal in regard to this project.A Four members Committee comprising of 2 members from the buyers association & 2 members from the Company including Project Incharge Aparesh Banerjee shall look into this aspect/application on a day to day basis.

 

  1. In relation to EARTH GRACIA PROJECT it is stated that Company would restart the construction work of Earth Gracia by June 2018 and would deliver this project in coming 36 months in phased manner.

 

For the delayed period of possession the company shall compensate as per terms & conditions of Builder Buyer Agreement (BBA). The compensation amount for the delayed period of possession would be Rs. 6/-sq ft per month. The compensation would be adjusted from the due balance receivable amount.

 

  1. In relation to EARTH ELACASA PROJECT it is stated that Elacasa Buyer’s Association have offered to jointly work with the company to complete this project on certain terms and conditions which would be a win win situation for both the parties, Two rounds of fruitful discussion have taken place and next round of meeting is scheduled for 14/15th July 2017. Company would decide on this accordingly. Date of construction shall be mutually decided.

 

This article was written by admin

1 comment:

adminJuly 14, 2017 at 9:10 amReply

Dear Buyers, whether you like or not EIL is negotiating with buyers and has drafted third proposal as they are expecting bail of EIL directors. We have a strong feeling that buyers are involved with EIL management and getting this proposal circulated among buyers, various bogus discussions are happening on this proposal and few of the buyers are supporting as well. It’s a preplanned approach to get the sentiments of buyers and drafting the proposal according to the judgemental view of limited buyers. Proposal is submitted based on forecasted fund collection and sourcing through Director’s personal guarantee (12.5 Cr), earlier fixed deposit (1 Cr.), Joint Venture Partner (32 Cr), director’s personal property (10 Cr), freezed account balance (2.25 Cr), Selling Mortgage Properties (150 Cr.) and Unsold Inventory (1350 Cr).
The proposal shows the source of funding approx. 1,557.75 Cr, which are subject to multiple cases and scenarios to get the liquid cash in the undefined time frame. Moreover, unsold properties claimed by EIL (1350 Cr) is more or less has no value as on date. All mentioned source of funds and expected value need to audited by the forensic team as independent third party to give comfort on the completeness of the information and relevance of the sources.
The proposal is drafted in such a way that whether you encash the given AR cheque or not, it’s all in favor of EIL. As per the proposal, the buyers who will encash the cheque will be considered as the AR paid to them and those who will not encash the cheque will be considered as the buyers who would like to adjust their AR’s at the time of possession of their units.
As per the proposal, the buyers who did the complaint in EOW are only the unsatisfied buyers and rest all are satisfied buyers. EIL has prepared his plan and has played his game of AR cheques and declared only the complainants (buyers) are unsatisfied and as per the MOU they have paid AR cheque to them and rest all other buyers are in peace in heaven enjoying their life and are totally satisfied buyers who don’t’ have a single problem with EIL.

Considering all above facts, All buyers need to be very attentive as few of the buyers are involved with EIL management and doing bogus discussions in other groups. Such groups are formed for the purpose of granting the bail to EIL directors.
Next hearing is important to oppose the bail and we need the full strength. We need an answer for following questions in court.
1. We need to know where is our paid amount.
2. We need to know why Atul (EIL Director) is able to sign and send a cheque but unable to surrender.
3. We need to know how many other unfreeze accounts (National & International) EIL Directors and their family (blood relation) holds.
4. We need to know why EOW is unable to trace such account after getting court orders.
5. We need to raise voice for forensic investigation to know the money trail (Amount paid by Buyers) and companies financial capabilities before submitting the bail application.

Regards,
EIBA
@EarthInfraBuyer

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