How Orris Infrastructure's resilience won back Greenopolis project
Apr 27, 2022
New Delhi [India], April 27 (ANI/PNN): Greenopolis real estate project started, as an innovative blend of green efficient technologies that creates an eco-friendly habitat by focusing on the efficient use of energy, water, and building materials, in 2011.
It was also registered by the IGBC Green Homes Rating System. Featuring a colourful mix of public, semi-public, and private rooms that were all linked by a network of walkways, this residential project was a representation of architecture and intelligence blended together. Parks play areas, plazas, shopping and entertainment centres, all were woven into the fabric of vibrant community life. The vision was to create an environment-friendly habitat encompassing all elements of spiritual and physical well-being.
The Development Agreement was executed between Orris Infrastructure and Three C Company, wherein Orris was the landowner and the 3C Company, was the Developer and was supposed to develop the project. Soon, Orris Infrastructure realized the malafide intentions of the Three C Company, when Three C Company started delaying the construction of the project.
The Orris Infrastructure along with other land owners procured license on land admeasuring 47.218 acres in sector -89, Gurgaon, for development of Greenopolis project, which was agreed to be constructed on 37.218 acres. On the complaint of the "Greenopolis Welfare Association", Welfare Association of the Greenopolis project before HARERA , Orris, came to know, that the Three C Company was infact siphoning money to its counterparts and group companies and the same was discovered on the basis of the report filed by the Currie and Brown in the proceedings held before HARERA and thus not pouring the complete money collected for completion of Greenopolis project with no intention of spending the money fairly for completion of Greenopolis project.
The Three C Company, in connivance with a contractor, initiated insolvency proceedings. To save the interest of innocent buyers, Orris Infrastructure presented its intention of taking complete responsibility for the development of project before HARERA. Fortunately, on the 7th of October, 2020, an order was passed by HARERA asking Orris Infrastructure to develop the project as per the timelines provided by the Orris Infrastructure.
This order was later held back due to the appointment of an IRP on 16th October, 2020. Thereafter, this matter went upto Hon'ble Supreme Court. The Supreme Court finally directed NCLT to decide the matter expeditiously and to decide whether the proceedings under HARERA and orders passed therein will have any bearing on the proceedings initiated before the NCLT under the IBC.
Orris Infrastructure was resilient and filed an application before NCLT for finally disposing the matter. The company struggled for the rights of homebuyers and after a long legal battle, Orris's rights were recognised. Orris rose to the occasion when the order was passed on 29th March, 2022, stating that the project belongs to Orris Infrastructure and Three C was merely a contractor in the project and the RP will have no control over the escrow account.
This state-of-the-art residential project is finally ready to take shape with all its glory. Orris has already started the work for completing the project as per timelines. Over 1800homebuyers, who have put their hard-earned money into the property will experience the happy moment of getting possession soon.
This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)
